I frequently find myself going back to Elliot Wave Counting once I embark on analysing Cable Position. I basically exchange the Cable so I'll concentrate on this particular pair for analysis with Elliot Wave Theory.

I do not pretend that I understand a lot. But I will try to post my EW analysis at least 3 times a week. There used to be a broker with a detailed EW Analysis from which I used to refer to. Now that they have stopped this section, I find myself forced to take action on my own.

You are free to find out particulars that might be discrepant concerning the initial rules. One thing I've learned to take when using EW, it's never always definite. It only provides a direction that is potential. And it's very important that it is done regularly to be able to fix counts if halfway thru the count we discover that it has broken some rules forcing us to adjust the counting.

I'll be posting charts with some details on them. I start of with the chart. You will notice that I use my own sub numbering or labelling to help me identify from where the wave count is based. This is clear on the smaller time period of 1H.

I attempt to determine the wave counts lower time frames when ever possible.

EG

Basics of Elliott Wave Basics

Corrective Wave Patterns_Summarized Form Part 1
According to Figures gathered from Elliott Wave International reference material.

Attached is a summarized form of corrective wave patterns. There are some variations specially on the complex side. But I will attempt to collect some more so I will post them .

The overview below can be hailed as a reference in my assessment of the EURUSD potential direction.

As you can see in my Daily and 4hour charts even from Last Friday yet before that plunge, Price assessment was believed to be in the downward direction and there have been 4 indied potential patterns.

Basically, we had a 3wave arrangement for the 1st leg from 1.4966 down to 1.4309. Therefore, in the event that you take a look @ the probable alternatives to get a cortrective wave, we cannot possess the fundamental zigzag since the wave A leg must be in 5 waves and this can be only 3 waves.

So another option is your Horizontal or the triangle. But technically we can not have the flat because wave 2 was a flat.

Then that leaves us with the triangle option which as you will see would fit to the the pattern that has 3 waves for the wave a then today we see 3 waves upward for the wave b. In terms of the achievement waves which should all maintain 3 wave constructions also, we will have to see 3 more ( waves c and e ) then a breakout out of the triangle.

Inside my Daily and 4hour chart, first you will see the Running Apartment. I anticipated that first just incase price forms a three wave arrangement down from 1.4921 down to somewhere around 1.4561 which was the FE 200.00 from 1.4921 then dip to go higher than 1.4921. That might have been a conducting FLAT.

But, Price has continued to form and finish 5 waves to 1.4589 then retraced and enlarged sideways which could now form wave C after it finished the waves A and B.

That is why I'm nect looking at price bouncing off either of these 2 magenta trendlines which were assembled using Low points onto the left side of the chart. FE 300.00 @ 1.4413 drops near the degree of 1 of the magenta trendlines for the horn.

If high of 1.4714 is thought of as the conclusion of an X wave and if I visit 5 waves are shaped going down towards FE 300.0 @ 1.4413 and bouncing off that magenta trendline, then next to look for are 2 more legs which 1st would bounce up to the upper side of the visualized triangle afterward another bounce backdown to the reduce nagenta lineup to complete what is possibly the 5 legs of the triangle.

I would trade a breakout at the top side of the triangle for my Long trade.

But if price from 1.4714 continues to return and breaksout to the downside of 1.4413, it's more probable that a triangle is off the dining table and a more complex corrective wave could be forming or a larger zigzag wave which could see price going towards 1.4267 or perhaps lower towards 1.3862 or perhaps 1.3208 according to the FIB Projection with the connection of wave C to wave A.

EG

A Horizontal will most likely not be seen because of the Rule of Alternation
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