Thursday, December 16, 2010

Looking for a rally

Earlier i said i was looking for a bottom with a possibility of one more low. We did get one more low and the pattern looks complete now. The 3 waves down still look like a wave A. This would be wave A of B. There is a possibility that this is a complete wave B, but the rally looks corrective, so this wave B would be a wave X and we would now be in wave Y.

Geplaatst door op
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4 comments:

  1. AnonymousDecember 17, 2010 at 8:21 AM

    Hi Jeremy,

    It looks and sounds as a logical counting.
    Even more important, the price action seems to confirm your scenario, especially the one that we would now be in wave B of B (meaning the rally which you just called).

    I've got a lot to learn from you and can only wish that after 3 years of practicing Elliott I will reach your current performance.

    Thanks for sharing these thoughts!

    Catalin

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  2. Jeremy DemunterDecember 17, 2010 at 11:19 AM

    Hey Catalin,

    Looks like things have been going pretty good lately. In 3 years of experience i've made a lot of charts with EW counts. Some were good some bad, but they all helped me in my learning process. The most important things i've learned is to keep an open mind to alternative counts. I suggest if you are serious about learning EW that you make at least 1 chart a day and keep them on your computer so you can look back at them later on. Another tip i can give you is count the smaller timeframes so you have results quickly. It can be harder to count smaller timeframes, but it's important since you will always have to zoom in. When you count an hourly chart for example and something looks like an impulsive wave, always zoom in because it could look much more like a corrective wave on the 15min chart. That is how i do it at least, there are other EW analysts that don't agree with that though. Some other things that can help are Fibs, candlesticks and some indicators. I like MacD, since it usually peaks when a wave 3 ends and than show divergence for wave 5.
    One more thing, you can always show me charts and i'll tell you my thoughts on it.

    Friendly greetings,
    Jeremy

    ReplyDelete
  3. AnonymousDecember 17, 2010 at 3:05 PM

    Jeremy,

    You are very kind. I do appreciate your willingness to coach me.
    Your recommendations will always be welcomed.
    In the mean time I will try to find a way to post pictures of my charts on your blog.

    I started with EW less than a year ago but I became confident that Elliott is maybe the only approach which allows a trader to foresee what are the 2-3 most likely scenarios for the price to move, especially on a medium and long term (on very short time spans there are some other strategies which can help too).
    I am eager to learn and I am aware that learning comes with practice.

    Thanks again!
    Best regards,

    Catalin

    ReplyDelete
  4. AnonymousDecember 17, 2010 at 3:12 PM

    Hay Jeremy,

    As far as the current price action is concerned, if the rally is over at 1.3358 and seen as a wave B of B, then I wonder if, for time related alignments, this B of B might evolve into a triangle or a flat before a C leg down will come into picture?!
    It seems that I need to find the way to post screen shots ... for a more effective communication.

    best wishes,

    Catalin

    ReplyDelete

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