NOw that we have actually reached 1.3670, you need to know when it is confirmed that the move is over. We don’t want a scenario where because of the extended 5th wave seen in the last chart that we get a quick rally back to 1.3840, do we? Alternately, there is the tendency of corrections to go back to prior fourth wave level, which lies at 1.3725. So when exactly should we become bearish again?
See the chart.
9 Comments
Dear Mr Ramki, could you besides all the rest of the counters, also update the latest wave count,for Crude palm oil and soyoil market ?
Hi,
In your analysis you have to take corrective waves less time than the impulsive waves of the same grade, you do not think this is a logical error?
Hi Ondas, corrections tend to “balance” the progression. If the impulse traveled too quickly, the correction will likely be laborious.
A question always hit my head is: “How a Elliott Wave Trader is identifying the Wave C under the ZigZag and Wave 3 of Impluse move?” As the fact that, under the ZigZag, 1. Wave A will be five wave and same can be applied to Wave 1 of impluse move
2. Wave B would be the three wave pattern and most likely travel to 50% to 76%, same can be applied to Wave 2 of impluse wave.
3. Wave C would be the five wave and same can be applied to the wave 3
So if I want to take most out of wave principal, how I will be sure that I am in wave 3 and not in wave C?
Hitesh, gd question. It depends on your count of the waves that preceded the (possible) zigzag. As we have to always bear in mind that our prior waves’ count could be wrong, we should be ever ready to change our ongoing count. Usually, it is not important whether u are in wave C or wave 3. What matters is you are positioned in the right direction
Hello Ramki,
Can you post your view of the count re:Eur/Usd having reached 1.3936 yesterday.
Thank you,
Hitesh
Ramki sir, great analysis as always. I have a question hope you will be kind enough to guide.
Once the price moves below 1.3580 i.e below point A it brings on the bears. When to enter short trade and what should be the SL ?
Rainmaker, the wave counts have changed as is evident from my recent update. Also, this blog serves to guide your thinking, and not to give trade recommednations!
Ramki Sir,
Thanks for response, to get a recommendation was not the idea, what I really wanted to learn was how to trade the given view (bearish) should the move happens.