Jan 092012

Elliott Wave Analysis of E|URUSDElliott Wave Analysis of E|URUSDElliott Wave Analysis of E|URUSDIt has been quite some time since I presented you with the Elliott Wave counts on the EURUSD using daily charts. My apologies to the WaveTimes faithfuls who had to wait for so long.

As always, I have more to say on the charts themselves. But I will leave you with one observation. In the last chart shown here, you will see an extended fifth wave that could potentially finish around 1.2600.(I have labeled it as an extension within the 3rd wave, but it could be the fifth wave in an alternate count) An extension is completed only when it is completed, i.e. it can keep going on and on. However, you should be alert for any signs of a reversal because if this was an extended fifth, you will get a sharp snap back to wave 2 of the fifth. This is why I might consider recommending covering shorts in stages as we approach the initial target. Later on, however, we should be looking to reinstate shorts because in the big picture the Euro looks firmly entrenched in the bear camp. Good luck.

  10 Responses to “EURUSD outlook Elliott Wave Analysis”

  1. Agree with you on 1.2600.
    What are your targets for EURUSD on the downside over the longer term, say 6 months to a year?? Any charts??

    • Hi Piyush, I’d like to take this one step at a time. Going farther out at this time would involve too many possibilities, clouding one’s outlook.

  2. Hi Ramki,

    tons of thanks for your outstanding analysis again!

    Best regards,

  3. Hi Ramki,
    Looks like ‘green(4)’ is already in place, today. May be we will see ‘green (5)’ tomorrow.
    That would be amazing.
    I used to think USDINR followed EURUSD, but for last few days even though there is lot of change in EURUSD, USDINR remained more or less static. Surprising.
    If possible could you also post an update for USDINR ?
    Thank you,

  4. Hi Mr Ramki in your experience can Fibonacci timezones are used or can be used with Elliot wave. Is there any resources out there that talk about it?

    • Hi Pooja, Fibonacci analysis for determining time frames for market turns has been attempted by some with limited success. Even Ralph Elliot had trouble with it.

  5. Hello Ramki,

    thanks for your work and the actual EURUSD count.

    Have to say: very interesting and definitively a count not many (if any) have thought about. This count solves some problems regarding wave structure, if one tries to count the decline from the 1.49x top as an impulse.

    So you just gave me something to digest…… 🙂

    Keep on the excellent work.

    Best to you,

    Markus (infinitus)

    • Hi Markus, thanks for writing. I must confess it took me a tad longer than other charts before i was satisfied with the count. Lets see how it turns out. Good luck.

  6. A medium term update on EURUSD would be nice :). Its been a while
    Please. Thanks!

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