Calling all Ellioteers

I have been trying to learn about Elliot Waves for some time now and I have One major question. Elliot goes on the theory of 5 up and 3 down. This is good in the stock market but in the forex market I dont see that happing because that would mean that if one side of the pair went up then the other side would go down and eventually the other side would be useless. Can anyone clear this up for me.

for me,when we see the wave,first of all,we should know where the wave is?secondly,after we knew where it is,then we have to know what is the bigger wave than that wave(all wave should be the sub-wave of the another wave).
for instance,maybe you find a wave including 5-impulsive wave and 3-corrective wave,in case it is that simple.but after that corrective wave,normally it will start from the beginning.ok,what you should is that,after it ends with the C wave,the wave might be:
a.wave i of wave 1
b.wave ii of wave 1
or maybe it is in wave 2,3,4,5…
i think,from now on,you should study how to know where the wave will end.
the more you read,the more you get,do not stick with just limited source.:confused: :smiley:
good luck.:cool:

I have been to and taken their free class. That is why I am confused. Not confused, I understand how it moves and how to read it. I have also benfitted from using it but I just cant help but to think that if JPY/USD follow the rules then eventually JPY will be down to zero. It may take 50 years to get to that point but with 5 up and 3 down it has to happen sooner or later.

I really dont understand how u say that yen will eventually go to zero. the eliotto waves do not keep moving in the same direction all the time. It depends on the bull and bear market. So what u say will never happen. If you need help, just mail me and i will try to help…

I see that you are an advanced elliot wave trader and I really appreaciate your help. However I see alot of other people that have the same opinon as me on elliot waves. From what I have learned is that elliot waves moves in patterens. These patterns were discovered in the eariley 1900’s. And acccording to the stock market every company’s stock will go up due to inflation. But the forex market elimanets inflation. Because as one currency goes up another has to go down and that negates the elliot wave. However I do see how it does affect the forex. This is were I get confusedddddddddddd.

If the currency pairs were in an eternal bull wave, then what you say would be right. But that is not the case. When the pair is in a bull wave, the elliott waves will have 5 waves up and 3 waves down while if the pair is in a bear wave, the elliott waves will have 5 waves down and 3 waves up. So these two moves act as brake points to the overall movement which keeps the price under control.

Hope it makes it atleast a bit more clear.


This does help. So if I understand you right, after there is a bull a bear will come along and even it all out.
But at they look at the supergrand cycle. That is decades long.
And how do you know:

  1. when the cycle is over
  2. what cycle level are you in ie. super cycle, grand cycle or minute cylce.
    Im sure to have more but I cant think of any of them just yet

Well, to understand which wave you are in, i guess u need to gain enough experience to see the waves…charts and trading systems, fibs, waves etc are basically pattern recognition stuff and so to understand the wave that you are, you need to sit and study the waves. Of course, each wave has its own rules and so u need to study the rules and try and see the patterns on the chart for u to understand…

This is too difficult and tooooooooooooo confusing for me, Bleeeaaa…ah! :frowning: :mad:

I shall stay away from this stuff even though i have a book on Elliot waves.

A master share trader here in Australia has written saying that the overall success rate for prophets is only 17% ! :eek:

Give me candlesticks any day! :slight_smile:

Regards, Tymen Wortel, Perth, Western Australia.

Lol. Tymen…Yes it is quite difficult to begin with…it takes a lot of trying, struggling and studying…

Hey Ty I think you might be onto something. But onto question 3, what chart do you start with? Do you have to go all the way back to the monthly chart and work your way down from a super grand cycle or can you just open up a 1 hour chart and say I will start here?

Dear Bazooko,

May I humbly submit that it is probably easier to stay with what you know to work and work well. Then you will continue to make money - and also save a lot of headaches.

From your many posts here you appear to be quite knowledgeable and a definite successful trader.

Try not to get sidetracked.

Kind regards, Tymen Wortel, Perth, Western Australia.

Thanks Ty for your confidance. I have only been in this market since 08-06. But I study this stuff for atleast an hour a night sometimes up to 6 hourss. I belive that you have to keep on learning or fall behind. EW is the newest thing in my arsonal I have been told that they are vary confusing to use but once you know them you are highly successful.

ok did I get the right? This is the first time I tryed to upload a picture so sorry if nothing comes up.

ok I got it right so now I will do the whole post. If I am reading the waves right then looking at the weekly NZD/USD chart it is in the 5th wave of a bear super grand cycle. It should top out in the target area of 7761 to 7886 between 8-12-07 and 12-9-07. After that there should be the “A” wave. Which will go down to around the 7500 mark. Right now it is at 7649. The “B” and “C” wave will be up and then down, not sure on these #s. Then we will see the start of the bull cycle which will bring it back down to the bottom where it started? That is an all time low of 5921 set back in 06-06.

you wave counts seem to be fine on the chart though i am unable to comment on your predictions at this point of time as i need to analyse this a lot more…i dont practice elliott waves at this point of time though i used to…so i really cannot pass any comments on ur predictions…sorry abt that…

ns thanks for the reply, After waiting a few days I see that the NZD/USD chart that I posted has hit the traget area (like I predicted) however it has hit the target zone 6 weeks early. Is this good or bad? This is where I get confused. The A,B and C waves are next. After that will we go into a down trend?