Thursday, May 27, 2010
Time for some US Dollar weakness?
Here's a look at the daily chart of eur/usd. My main count for the decline is a 1-2-3-4-5 , which should put price in the early stages of a multiweek corrective (a-b-c) rally. The alternate count (in red) is an ABC, price will rally much higher if this is the correct count.
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hi JD, This is bob peffer we had met @ fxstreet chat. I have been pouring over "Elliot wave Principle" book and searching info about 5th waves and corrections. I am wondering if at this point if this is extended 5th. Wave iii and iv as posted here wave iv retraces very close to wave i. (it does not cross into wave i so your count still holds valid! but personality of retrace and that large wick perhaps misleading me) As an alternate count I am considering this present time part of Wave iv. R. N. elliot as wellas frost and prechert agree this corrective impulse should end at or near Wave 4 of the next lesser degree..but this is of little help pinpointing count as that could be anywhere between where price is at now 12271 and probably still as low as 11000. Enjoy your posts Jeremy and admire your work here. Best of luck hope to see you someday soon at FXstreet!...Nutzbob Peffer
ReplyDeleteHi Bob, nice to see you here! There are a lot of alternate counts, some really bearish ones even. The thing with EW is that you are only 100% sure of a count when it's too late.
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