Italm,

Wassup dude! Here's a look at a 60 minute CHF. The trend line that's we are toying with is the uptrend line I showed yesterday. It's obviously got some significance because every time we get above it we go lower and every time we go under it we pop. I thought this mornings break was it again BUT, again it popped back up. So, it should show it's hand soon I would think. OH, the other thing I forgot to draw is the very OBVIOUS Head & Shoulder pattern that is present!

One more look:

Hey Bud,
I agree with your assesment...not sure about the head and shoulders though, but it doesnt matter. I too think its going down. I think today's rally is an A and we should move sideways overnight for B and C.
Elliott Wave Trading Discussion
Also because A retraced 1 so deep, be vigilant for a running flat for wave 2. (whenever A retraces wave1 61.8% or more, watch for a running flat)

Okay guys, I am going to ask one more time. Don't be embarressed, PM me if you wish, but... Is there anyone using EW software, or knows of EW software that is actually of any use?

I have seen some very high priced packages out there but, does anything work?

Thanks in advance!

after much thought and contemplation over the last few days, things have come into focus i believe for the eurusd. the drop from 1.6039 was wave A in what will prove to be a DEEP 3 wave zigzag. wave B is underway now and will either form a triangle or a flat that ends above 1.49 and probably in the 1.4980-1.5080 zone. i say a flat because i think that an excess amount of shorts are in the market that need to be taken out on a rally through 1.49. also, for the powerful C wave that awaits, market psychology needs to change to more of a euro bullish tone so that most people are caught off guard.

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__________________
Jamie Saettele is the author of Daily Technicals, Currency Crosses, and COT on DailyFX.com. He is also the author of the recently published Sentiment in the Forex Market.

Itlam,

Here's some chart work (60min chart) for this pair... I have 1.0850 and 1.0765 as initial targets.



Sorry Diver. Your chart did not show up until after my post.

This is a very interesting scenario Jamie. May I ask what made you change your mind to consider this much more bearish scenario?

Hi Jamie...what do you think about this count. It may turn out to be ending diagonal as well..

Hey Texes,
Presenlty, Im watching a different trendline than the one you and/or Diver put on. The trend line that interests me the most is the 2-4 trendline displayed on the 4hr chart. Presently, we are sitting below it and I suspect we we stay below it as we are in wave B now. We may retest it for C of 2 but who knows.

Strategy:Sell@1.0910 There is a potential Head-and-Shoulders formation on the hourly chart with left-and-right shoulders at 1.1025 and a neckline around 1.0920. These formations are generally much more reliable on long term charts but we will go with the sell-break strategy keeping trailing stops relatively tight. (SL) 01:47 GMT
end

Long term look at the GBP/USD weekly chart. Looks like a large ABC correction from the 2.11 top. A=C at the recent low. Plus 5 clear down in wave C where 5=1 with an extended 3.

Even if labeled wave a is wave i and labeled wave C is wave iii it should be at least ready to retrace .382 of wave iii or to wave iv of one lesser degree. Those numbers bring it back to at least 1.88-1.90. Opinions? Thanks.

Another corrective pattern appeared in USDJPY. If current lows are not broken we may end up with a XX wave subdivided as a triangle. The confirmation would be the clear break of 109.95 and price not moving lower than 108.6. If it goes as expected then the first target is 111.6 second being 113.3.

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After short investigating the chart, i have the feeling that we are close to the at least near term bottom. For those who are short, could be the good time to tighten the stops.

The area around between 199,40 and 199,90 (+/-) seems to be the goal area.

If i manage to see the 5 wave advance on the shorter term chart, will probably take the long position.

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Yes, looks good.
After failed first attempt to get Cable long, i'm also considering to try it again from the long side.
The best would be to get some kind of bad news for Cable or England ecomony. Till now it was simply too few noise.
Or did i miss something?

M5 is showing 5 wave north .. can this be the start of the reversal?