I may need your help.Everything was looking great until we ascended from the bottom of the triangle at 878, where I have labeled it "a". The problem is that the waves appear to be three wave structures, and I can't seem to figure out what is going on.
So seriously, I could use some ideas. This Ending Diagonal is all I can come up with. Opinions?
Bob
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
I'm thinking that wave v may be an Ascending Triangle.
ReplyDeletehey bob i can't help you much with the short term count but my market outlook might provide some guidance... i only use elliott at the second stage of analysis with cycles as the main part of the first stage and then i try to apply an elliott count to the cycles.. right now i count 5 daily waves off the march 9 low and a probably completed a wave... cycles strongly indicate a new high in late july and maybe as late as the end of august... i would count the rally as an irregular b wave which might make a new recovery high.. beyond that it is all downside until october and probably another low in march '10 when a strong rally should start.... cycles strongly suggest the next few lows are above the 3/9 low...
ReplyDeleteThanks ohunt.
ReplyDeleteI went with the Ending Diagonal concept and it appears to be a good call. I missed my short side re-entry by just a few cents.
I agree with you about the new highs. As you know I'm still looking for 846 then a new rally. I'm hoping for 1007 before reality sets in on the masses.
I've been telling my friends what to expect and they don't see it happening.
I used to write about general economics and stressed the idea that the most important thing to do is to pay off debt and sell assets while the market was moving up.
Sadly no one would listen. So I started this Blog where I have readers who understand what I'm saying.
Thanks for your comments!
Bob
ohunt,
ReplyDeleteI read what I said and it looked like I missed getting short. I meant I missed the absolute best price by a few cents.