Technical Analysis of the Forex Spot Markets using Elliott Waves, Chart Patterns, Candlesticks and other tools. Disclaimer: None of the comments in this blog shall be construed as professional trading or investment advice.
I’ve two counts for the unfolding waves for AUDUSD. Overall, the pattern looks very corrective to me, and I’m thinking we are still in a wave 4.
GREEN – Counts the pattern as a complex correction with a triangle in the middle.
BLUE – Counts for prices to move higher to complete a wave B before decline.
In the larger term, I looking out for a drop, before a final rally for a wave 5 of V before large decline.
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Dear Investor,
The facts are hard to reconcile:
Home values right now are falling in regions where they had been stable for three years... but, the Dow Industrials recently climbed above 12,000 for the first time since mid-2008.
Unemployment is far too high and growth is nonexistent... but, the Federal Reserve will "do whatever it takes" to provide economic stimulus.
Intense political discord is rising in the U.S., even as protests sweep across entire regions of the globe... but, bullish investor sentiment has swelled to historically high levels.
These data points don't go well together. Still, facts are facts -- whether they "reconcile" or not. So, like every individual investor, you have choices to make. Obviously, what you choose depends greatly on what you believe the future holds.
It's just that right now, the future seems murky in ways few of us have experienced. Then again, "few" is not "all"...
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Sincerely,
Robert Folsom, Senior Editor
With EWI since 1992
Posted on behalf of Elliott Wave International
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This article was syndicated by Elliott Wave International and was originally published under the headline Big Advantages of Trading with the Wave Principle. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.
