The value of going back to the bigger picture is illustrated by yesterday’s moves. We were focusing on the 1 minute chart trying to capture a decline to 1.4050, and missed out the bigger poetntial to the upside because of the completion of an extended 5th wave from the top. Take a look at these two charts and you will understand.
5 Comments
Thanks as always Ramki.
hi…just now started following u on twitter…glad to see an indian doing well in the forex field…been trading forex for myself, HNIs and funds for about 9 years now…with my own methods of course…been my desire to learn elliott waves…will try and make some time for it pretty soon….my forex blog…been running it for a few days when i have the time…
http://forexnsk.blogspot.com/
Karthik, welcome aboard, and good luck.
hi,
many books state the theory that the bottom of wave 4 should not run into the top of wave 1 in an uptrend…but in ur examples and others from other elliott traders, i see it happening…how is that?
Karthik, Wave 4 should not overlap wave 1 if it is part of an impulse wave.