GBPUSD Elliott Wave Analysis Daily And Hourly Charts.mov

http://www.forexinfo.us Elliott Wave chart analysis for the GBPUSD as at 16th December, 2009.

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[Andronichuk]

On your blue wave 1 down...

I do believe that waves 1 and 4 overlap, something not permitted in Elliott Wave analysis ....

UNLESS there is some significant shape pattern (triangle, channel, wedge etc.)

[forexinfousa]

I am aware that wave 4 cannot enter price territory (overlap) wave 1 and I always observe this rule. Pretty basic stuff. The only instance where this is not the case is an impulsive diagonal, and I have not counted wave 1 (blue) as a diagonal here. However, wave 1 (blue) could be counted as an impulsive diagonal, it is possible to see the sub waves broken down to 3's.

[Schweizer135]

Since your link is in the Youtube info line it would be nice not to have it on the video as it blocks the very important timeline.

Thanks!

[forexinfousa]

Fair enough Schweizer. The link is there however because I post these video's to other sites, not just YouTube, where it is not possible to put a hyperlink alongside the video. I will however move the sticky down during my explanation of the chart analysis. You can always go to the blog and click on the charts to see them all up close and personal like, this would be so much easier if you are critiquing my wave count as you can see detail clearly :-)

[forexinfousa]

In regards to the rule wave 4 cannot enter price territory of wave I, as I understand it this rule is black and white. I recently had a query regarding another EW rule, that of wave 3 never being the shortest, where I had a wave count with wave 3 shorter by 0.8pip. I checked with the experts at EW Int and they tell me the rules MUST be met. No exceptions, ever. I presume it is the same with this rule.

Yes, I'm interested in comparing with your wave count, please do post a link :-)

[forexinfousa]

No - my wave 1 low is 1.61521 on 26th August. On my wave count I have followed this by an expanded flat correction (for explanation of this see Elliott Wave Principle, Frost & Prechter, pg 47) which has the bottom of wave B of 1.61115 on 31st Aug. This is the point you are thinking is my wave 1 bottom, it is not. If you visit my blog and click on this chart to enlarge it you will see I place my letters and numbers for my wave counts very carefully, check it out and see what I mean.

[Andronichuk]

Nice work though, my hat off to ya.

I think this count coresponds wonderfully to the general picture, incorporating what is happening in the financial markets aswell...

[Andronichuk]

According to my charts:

Your Wave 1 low, around September 1&2, is 1.6111

The wave 4 high, around September 30 or October 8 is 1.6126

So there is a small overlap. I do however think that when it comes to forex, you need to be abit more relaxed with the overlap rule, as in this case the overlap is TINY, I think your count may hold....

I have to say that it does corespond to my own.

I am going to make some GBP/USD video soon over the weekend...

would you be interested in comparing?

[forexinfousa]

Waves 1 and 4 do not overlap. Wave 1 ends at 1.61521, wave 4 reaches 1.61252 which is 26 pips below the end of wave 1. Wave 2 I have on this count as an expanded flat correction.

[Andronichuk]

I think you can find a downward pointing triangle there...but the action that follows this arguably "impuslive" move seems quite messy