Tuesday, May 12, 2009
This was a very important tuning point in the market, and throughout the day I keep the wave count updated. Please be sure to read the progression of all five posts in order to see how the mind of an Elliotician works. Today was simply art, and more in line with what I am generally capable of.
The Elliott Wave continually provides an update on the status of the count. Whether it be watching for triangles, five and three counts. (5-3-5-3-5), ( 3-3-3-3-3), (3-3-5) or (5-3-5) waves, Fibonacci targets, extensions or over laps. These are all clues to future movement, and the validity of the count. There is simply no other system that can predict the market, and let you know when you need to reassess like the Elliott Wave.
I'm not saying that money can not be made using fundamentals, but I seriously doubt that highly accurate, and specific turning points could be recognized well before they happen with fundamentals
Early this morning the first count was replaced with one that worked , and then kept on track throughout the day.
If you would like to examine the way the Elliott Waves works in my head, please read the previous four posts I made today. You will see how I was lead into making the correct decisions as the wave unfolded.
Never let your guard down. This could turn on us at any point, but it is looking very good for a final run to 943 as predicted some time ago. I'm currently counting 914.26 as wave 1 of five waves required to finish. Based on Fibonacci ratios, and Pivot Points, my target for wave 3 is about 935 but we will know better as the wave unfolds. We came within one point of a 50% retract so I'm expecting the market to open up with a gap. I never trade at the end the the day or the open, but I'll probably be wishing I had gone long.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 13:10