Apr 052012
 

The EURUSD found support yesterday at 1.3105, quite precisely as anticipated using Elliott Wave analysis.(see yesterday’s outlook for the EURUSD). The recovery stopped at 1.3164 and the downmove has been aggressive. I think there exists a small chance for a clean out to 1.3005/1.2995 and if that happens, it should present us with a low risk buying level for the next few sessions, perhaps taking it back to 1.3160 after meeting some initial resistance at 1.3105 the prior low.
PS This analysis used a 10 minute chart, and clearly is meant for short term traders.

  17 Responses to “EURUSD update using Elliott Waves”

  1. sir excellent analysis to help small traders. If you can work out something on a permanent basis.

  2. Hi Ramki,
    If you look at wave 5 in your analysis,(the 10 min chart) in a 5 min chart, if you now look at the completed wave 5 of 5 of 5, it produced a perfect 61.8 of 0-3, even in this very low time frame the acknowledgement to Elliott & Fibonacci is astounding, but if people aren’t aware of this, and most aren’t why does it work so well, as you say there is simply no better way to trade/predict/manage freely traded financial markets. It’s as if price action is unable to leave/move outside of the mathematical grid.

    • Hi KB, absolutely! I never cease to wonder at these beauties. From around 1.3205, it was possible to trade this move all the way to 1.3037 and some friends who spoke to me earlier lesrned of the 1.5037 well before it got there. The 1.3005 support is an outlier and would present a nice opportunity I thought. Let’s see. We have that and the 1.2953 mentioned yesterday to keep an eye on.

  3. dear sir thanks for ur guide , why u continue small traders like me for nifty trade

  4. Dear Ramki Sir,

    One question on corrective waves:

    Let’s say, wave 2 is a double flat correction: a1-b1-c1-x-a2-b2-c2

    And in this double flat, bottom of wave c1 is lowest (bottom of a2 & c2 are higher).

    Then, length of wave 3 start shoult be counted from bottom of c2 or bottom of c1 ?

    I have not found answer to this so far…

  5. sir is such analysis available for day traders on a regular basis? in case it is not feasible for you any other avenue? Your suggestion will be greatly appreciated.

  6. Dear Mr Ramki,
    I had been reading your Elliot wave analysis . Would you be able to guide me on USD INR looking into the charts and suggest what levels it can go upto in the short term and long term. Thanks a lot sir.

    Shuchi

    • Hi Suchi, thanks for the comment, but I am not offering any trade recommendations on WaveTimes. The main goal is to offer you a chance to learn Elliott Wave analysis.Those who use WaveTimes as a source of trade ideas don’t know what adjustments I would make in real time depending on how the market unfolds.

  7. I just bought your book on my kindle. I had been reading charts of USD INR for my analysis. But not able to judge the wave well. I thought at the level of 54 wave 5 is over. So wanted to take your Analysis on it whether am I right in the readings or where is it heading Like the way you have mentioned about Euros move. I had been reading and trying to analyse INR since it had been so volatile from last six months. You have written article and given example of Euro and also yes bank in the Indian stock. It would be helpful if you can show chart Patters of rupee as well. I have seen other charts from different people in Bombay. But each of them no the chart differently.

    • Hi Shuchi, The Indian rupee too can be analysed using EWP. Please see my old posts by looking it up under INR. I will write on it again sometime in the future. Thanks for your comments

  8. dear Ramki,
    its WOW!!
    I am really amazed, Saudi’s index fell rapidly from 7940 that point you have idetfied accurately in this post
    http://www.wavetimes.com/elliott-wave-analysis-of-saudi-arabias-tasi-index/
    the highest point is very clear thru this link:
    http://tinyurl.com/d52vfxo
    where the 52 week high is shown on 3 April 2012 at 7,930.58
    Can you please update the med & long term of saudi index?? please Ramki.

    Wow!

  9. I wander what is your opinion on EURUSD now.
    Do you still see EURUSD in wave B, correction of wave A?
    If so we should have had a and b completed and now we should see c up.

    Some other interpretations see EURUSD already in main wave C down, with 1 and 2 completed, and now in 2 of 3.

    What is your opinion? Many thanx.

    • Hi Luca, As explained in my book, wave C has a personality that id different from what we are currently seeing. So on balance, I would be careful about being short. Having said that, if we get some event that can trigger a sell off, the Euro will just drop quickly. The longer it stays here, the greater the chances for a recovery first.

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