Ewj: elliott wave

[elovemer]

bears..... please don't stop being bearish

 

[elovemer]

unless it is an ABC only

Quote from elovemer:
wave 3 can't be the smallest.

 

[elovemer]

......

 

[elovemer]

iwm

 

[blnbr]

Hi Mu, How do you count the AUDUSD monthly or weekly chart?
It seems to me it has arrived to 5th wave, and due for a correction or fall perhaps within 2 months

 

[mu200411]

AUD/USD can be in Wave IVb]c)5 or Wave 3]1)5 .
The red lines may be SELL Signals.

Quote from blnbr: 03-05-11 11:50 PM


Hi Mu, How do you count the AUDUSD monthly or weekly chart?
It seems to me it has arrived to 5th wave, and due for a correction or fall perhaps within 2 months

 

[mu200411]

Crude Oil shows fifth subwave of fifthe subwave of fifth wave at measured move :eek: .
But the DOWN move looks corrective.
There may be some more waves UP .

 

[blnbr]

Quote from mu200411:

AUD/USD can be in Wave IVb]c)5 or Wave 3]1)5 .
The red lines may be SELL Signals.

Thanks Mu. Based on your wave counts, do you think AUDUSD weekly/monthly chart is near the end of the rally, or significant up move is still likely?

 

[mu200411]

The wave count has 2 alternatives .
Both say there should be some correction soon, because of the ending diagonal pattern.
If the correction stays above the horizontal red line, we may have three more UP waves .
If the correction falls below all red lines, we may be in Wave IVc] which may go below 0.60 :eek: .

 

[blnbr]

Thanks Mu. I'll watch that.

The monthly chart also seems to meet a channel resistance lately. And AUDUSD's general trend follows S&P stock index quite closely in the recent years. Once the S&P falls AUDUSD may follow.