Comments(1) Pheeewww…. I had been months.. and finally my site is finally running again.. I had forgotten that my renewal fee was due in October 2007.. and on that month I had spend all my money during the eid-mubarak… hehehehehehe.. now that i’m back I felt relieved and I got some new tricks up my sleeves.. hehhehe keep on tune..
Comments(1) It’s been ages since I last posted here.. Been tired of market condition.. whippy condition…. not smooth sailing.. huhuhu… will update more but not today…
Comments(0) The first of the minor wave is straight down from 2.0652 till 2.0181. Then the price had made a 3 wave pattern which had ended at 2.0462.. I take that wave as minor wave 2 formation.. then the decline from 2.0462 till 2.0155 is considered as wave 3. Wednesday’s movement is the end of wave 3 and beginning of the wave 4 and had unfolded in a simple 1 wave formation (the rules of alternation is not broken here because wave 2 had unfolded in 3 wave sequence whereas the wave 4 pattern is one solid wave) thursday’s and friday’s decline is the final minor formation which is wave 5 in a leading diagonal formation..
The price had bounced at the bottom trendline and had created a new low at 2.0152… so in my counting the 5 wave leading diagonal formation for a larger degree wave 1 down had completed.. next is wave 2.. I will wait at FR 50.0 (2.0400) and FR 61.8(2.0458)… if the price does reverse there… I think we will ride a mega wave down… let’s see the pattern unfolds…
Comments(0) As I had predicted yesterday the price had declined and now had made a new daily low at 2.0152.. The price had managed to break the EMA 55 at the daily chart where previously it had found support and also the FE 61.8 line(2.0214)…so the next tp could be EMA 100 support line (around 2.0060) or 2.0102 FE 100.0.. Or it could make a corrective wave to the FR 50.0 line (2.0400) thus making the wave 2 complete.. Let’s see how this day would end..
Comments(0) Here my update on what is happening with GBP/USD yesterday and today from Elliot Wave perspective. This could still be a wave 1 pattern because from what i’ve learned.. wave 1 could unfold in two type of formation… one is the straight impulse wave down.. and the other one is the leading diagonal formation.. so in this pattern the minor wave 4 formation can overlap the minor wave 1 top.
The first of the minor wave is straight down from 2.0652 till 2.0181. Then the price had made a 3 wave pattern which had ended at 2.0462.. I take that wave as minor wave 2 formation.. then the decline from 2.0462 till 2.0155 is considered as wave 3. Yesterday’s movement is the wave 4 and had unfolded in a simple 1 wave formation (the rules of alternation is not broken here because wave 2 had unfolded in 3 wave sequence whereas the wave 4 pattern is one solid wave) so today is the end of the 5 wave pattern.. we are now at the wave 5.. let see if i’m correct.. if the price broke higher than 2.04 then my counting will be void….
Comments(0) When I look back at the chart.. I just remembered that in wave 1 it could make an impulsive wave or a 5 wave Leading Diagonal formation.. if you draw a trendline from the top 2.0652 and then to the top 2.0462 (wave B or 2) the uptrend for today seemed to be contained by the trendline.. Technically this could still be in the wave 1 formation.. Price had made 4 wave formations already.. if the price today retreated and made a new low then we could still be on our way down…
Comments(1) In my excitement i had made a grave mistake in making my count… As I was writing this cable had reverse at the minimum wave C fibo expansion which comes at 2.0171.. The pair then made a sudden move upward… Please accept my apologies..
Comments(0) Mondays price had hit the 61.8 fibo retracement line but had opened and closed under the 50.0 fibo retracement line.. this constitute a failure to break higher and this is beginning to look more and more like this will be a wave 3 down.. and if i’m prediction are correct this will unfold in a 5 wave down sequence.. which is contained in a larger degree wave 1 down… prediction for this wave 3 down is taken from this three point reading to determine it’s target
point A : 2.0652
point B : 2.0181
point C : 2.0462
TP1 : 2.0171
TP2 : 1.9988 (might find a temporary resistance to reach here because EMA 100 daily line is at this price)
TP3 : 1.9698 (might find a temporary resistance to reach here because EMA 200 daily line is at this price)
Comments(2) Based on my analysis at Daily chart I had come up with this :-
Wave 1 or A started at 2.0652 and had ended at 2.0181
Wave 2 or B started at 2.0181 and I predict that it’ll end today after making a 3 wave minor correction (abc).
Wave 3 or C is starting….. stay tuned..
Comments(0) The downward momentum continues as friday’s cs closes further down and had hold on to it’s gains.. and looking at the formation it looks like the downtrend will continue on monday.. if not it’ll make a temporary stop.. and making an inside day formation on monday.. the daily stochastic that i’m using had crossed and is pointing lower…suggesting that a bottom had not yet been found so far..
EW count.. the uptrend from 1.9622 had made a 5 wave pattern (altough it is not prefectly formed) as i mentioned in my earlier daily chart update… the reversal that i’ve been anticipating is under way.. and if tomorrow and tuesday’s cs close lower or around this price then we might see a top is in place for this cycle.. and this is the beginning of a new cycle.. keep your finger crossed for monday and tuesday’s closing price.. because it might signal that we are at the zone where it is consider highest in years and the downtrend is coming…