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Elliott Wave Analysis of EUR/USD 27 Sep 2010

RamkiBy 7 Comments1 Min Read

Let me state upfront that my recent wave count on the Euro was incorrect. Elliott himself was acutely aware that such errors can and will happen, which is why he repeatedly stressed the rules governing the behavior of different waves. We ourselves pointed out in the last update that the fact the currency opened with a gap to the upside clearly pointed out to the fact the wave count was in error. The  target was mentioned as 1.3045. .The move paused at 1.3032 and declined to 1.2954 before taking off to the upside again. The high at the time of writing is 1.3493. A 50% retracement comes around 1.3510, and over the next few sessions a minor correction to 1.3350 is posible. But be aware that the current momentum is so strong that the Euro will keep trying to stage a recovery from every minor support. So you will still be better off trading from the long side, choosing to enter at supports

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7 Comments

  2. duže on

    Sorry Ramki but must say..that u make lot of bad judgement about eur/usd last 6 month ,your prediction using EWA are in most of the case..if dont go up..will go down..wich is same like rulet.. black or red

    Reply
    • Ramki on

      Thanks for your comments, Duze. I am happy to publish your comments because Elliott Wave analysis is not something one can use to make forecasts. It is one of the tools that a trader can use in order to better judge where we are in the order of things. As you rightly say, if it doesn’t go up, it goes down. But if I use EW, then I will know my error much sooner than others. Besides, I am able to control my risks by entering the market at carefully chosen levels. I do appreciate your posting on the blog and wish you good luck.

      Reply
  6. Ziad on

    Dear Ramki,

    I have been watching your updates and all the comments on the blog since you started this new website and i never comment coz we have been following ur updates for more than 20 YEARS now and we know who u are…but when i just read one of the commentS (wich i totally disagree with)i decided to comment loudly and say please forgive them coz they dont know u yet…A bad call does not mean to throw away all the very good calls,at the end the final results what matters.
    To cut it short my dear friend if i did not make money during the past all these years (it is for free until now)you will not find me writing all this comment and wasting my time,

    Ramki you are the best please keep it up..Good Luck All

    Cheers

    Ziad

    Reply

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