I don't trade this but I like to watch it as it gives us a lot of information regarding all the major pairs.
Price has been creeping up in what looks like the B wave of a corrective structure. It could break down before continuing on up so I've set an alarm on the trend line.
From a trading point of view I don't see a long entry but if it breaks south one could present itself
I update forecasts as they develop - remember to follow to receive them.
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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Looks like a breakout
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Progressing as expected
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Wave principles in action - crystal ball?
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Time to start thinking about "what next" Price has moved as expected for the last month or so but we are reaching a major structure line which means the completion of one move and the set up of the next. I suspect we'll start to see a move up but as always let's wait for the structure to tell us where it's going next.
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Over the past month the only thing I've adjusted is the angle of the C line and nothing else. The adjustment simply represents the fact that we reached this point faster than I initially projected - no bad thing
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Guys this chart is complete for me and I'll draw and new one shortly once I have an idea of where the index is going next. For anyone reading this I want to point out one thing. My analysis is based purely on structure analysis using wave principles. I do not use fundamentals in anyway and I do not trade the news. This chart is over a month old as I write and we've had a US interest rate hike which sent price in the direction of my prediction rather than long as one would expect. The structure tells you what it is going to do next with a high degree of probability. If you learn to read structure you will become a much more successful trader.
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maksheetal
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Thanks Steve, that is really impressive and I have found that using Elliot waves has helped my trading very much. So far I have only read free information online. Are there any particular books or sites that you recommend? Do you use any indicators to help you see a set up or confirm the wave moves? Thanks again!
SteveNixon
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@maksheetal, Thanks for your support. I suggest you start by reading "Elliott Wave Principle" by Frost and Prechter. I picked up a copy on ebay for a few dollars. Alternately you can access a ebook version for free at this link. You'll need to register for free on their website for access. If you require any further help I'll gladly help. my.elliottwave.com/resources/education/ereader/FH5/EWP/EWP.aspx
maksheetal
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@SteveNixon, Thank you Steve, was planning to get that book, but then got distracted by others out there!! Thanks for the link too. Do you trade full time? I would eventually like to become a fulltime trader but it seems like an impossible dream. Although my trades are improving slowly following the wave principle, I feel like I still have a lot to learn if I am to be confident enough to give up the day job. I find the other work stops me from spending time on the charts and learning more.
SteveNixon
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@maksheetal, I know how you feel about finding time and energy to trade while working. Everything we ever learn takes time, effort and money but eventually it becomes like a second nature. We all learned to read and write but none of us remember how difficult it was. My attitude toward trading is that the end result is well worth all the effort we put into it. What do we get in return - freedom. It doesn't matter how long it takes you - once you can trade successfully you forget how hard it was and you can reap the benefits.
maksheetal
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@SteveNixon, Thanks Steve, this message has motivated me to keep at it!