HamzaLeith
Short

EURUSD should head south very soon!

FX:EURUSD   Euro / U.S. Dollar
669 views
Idea is based on a combination of EW theory and median line analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop loss. Good luck

Comments

That A B C it's a correction of what wave exactly? The wave "4" is getting into territory of wave "1", so I don't agree with this at all. I've been following you for some time because you usually have great ideas, but when you use Elliott waves I can see that you are confused with some things. I believe that you need to study more of the subject (the Elliott wave principle by Robert Ballan It's one of the good books about it). I'm not an expert either but there are some rules in Elliott waves that you just can't avoid, and that I've seen you doing it sometimes.

Please understand that I mean this in the most respectful way. I follow most of your ideas, but your EW analisis needs a polish.
+1 Reply
HamzaLeith Claudisimo
Dear Claudisimo, first off let me thank you for your sincere and constructive criticism. Such comments is what makes this website such an awesome and powerful learning tool for starting traders!. Regarding your observation concerning the correction wave (retracement of wave 4 into the territory of wave 1) : Please correct me if I am wrong: is not the case that correction waves don't abide by the 3 major rules that are applicable for impulse waves? hence the choppiness in these movements! I was under the impression that one may actually identify these (correction) waves when these rules are broken!! You are definitely right about me having to learn more about EW, I only started applying a short while ago. Hopefully beside reading more about the subject my application of this theory will improve due to sharp observations like yours. Cheers, Hamza
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Scloneh HamzaLeith
Well I thought that you tag that corrective wave as 1-2-3-4-5 cuz a lack of zigzag labels cuz is actually a triple zigzag w-x-y-x-z, but the idea is clear.
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HamzaLeith Scloneh
yes indeed scloneh, just to show that it consists of 5 waves! But it is still very much a correction wave!, thank you for the input
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Claudisimo HamzaLeith
Well, I asked the first question because I didn't understood if A, B, C was a corrective wave of I, II, III, IV, V or of another bigger one comming from behind. If it is a correction of I, II, III, IV, V then I have to say that that is an ENORMOUS A,B,C corrective wave. Unless you have a correction where wave B goes way beyond wave V, wave C should be 162% the size of wave A, in cases much less and very very rarely much more.

Now, about what you said of correction waves not beeing limited to the rules of impulse waves, that's true, but only because they are entirely different things. Impulse waves follow a 1, 2 ,3 ,4 ,5 pattern and correction waves an A, B, C. BUT, if you find a smaller 1 ,2 ,3 ,4 ,5 impulse wave INSIDE an A, B, C corrective wave, that smaller 1, 2, 3, 4 ,5 (If you'll forgive the repetition, it's just to make the point clear) will still follow the rules of an impulse wave (even have his own a, b ,c wave). So, correction waves don't have the same rules that impulse waves (by the way, they are harder to understand. Most people win money with impulse waves and loose with special cases of corrective waves) but if you find a correction wave that has a smaller elliott wave inside of it (as a part of it), you have to follow the rules for that one too.

So, to keep this shorter, that's why I'm saying that there's an error in your 1,2,3,4,5 (wave 2 goes beyond point 0 and 4 is at the territory of wave 1), because if you are going to recognize it as such it must follow the rules, even if it is inside a corrective wave.

By the way, I would have chosen your wave V as a B of an irregullar correction, finishing with your wave A as C. After that another elliott wave starts, with your wave 3 beeing the 5 of it, and your 4 it's C.

I apologize for my terrible english, I hope that it can at least be readable. Probably my redaction isn't the best either...
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Claudisimo Claudisimo
Oh, by the way: I believe that your wave 5 it's either a starting wave 1 or a wave 2 (if you look behind it might be) and that this currency will go up a little more (just a little). I have no idea what will happen next, I can't recognize the waves in the bigger charts.

After saying all of this i'd like to clarify that this is just what I believe, the market can always make weird movements so I can be wrong and, as I said, I'm not an expert...

Hamzaleith, keep up the good work! You have helped me a lot this weeks and i'd like to thank you for that.
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Scloneh Claudisimo
But that count ist'n for a impulsive wave, that 1-5 labels are actually represent a triple zigzag W-x-Y-x-Z, If you speak Spanish I can explain you in a better way :P Also I recommend you guys a blog of Danerics Elliott wave have awesome counts in major US indexes, or if you have some extra money visit Elliott Wave internationall in elliottwave.com you can rent a month of wave counting in major pairs and look what is happening at biggest degrees.
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Scloneh Scloneh
+1 Reply
Scloneh Scloneh
Forget my labels on blue (a,b,c) they just messed up XD
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HamzaLeith Scloneh
Thank you, great Idea!!, that wave v should come in at 1.366-1.37!
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