tf daily
Current Trading Positions for AUDUSD1440 (AUDUSD1440) Daily on 06-Jul-2007
* A Minor degree trader (hold positions from weeks to quarters), would currently be shorting this market. The probability of this Target Area being correct is 86.2%. However, the random probability of this Target Area being correct is 64.1%. So the true probability of this Target Area being correct is 34.5% better than random.
* An Intermediate degree trader (hold positions from months to quarters), would currently be shorting this market. The probability of this Target Area being correct is 67.2%. However, the random probability of this Target Area being correct is 45.0%. So the true probability of this Target Area being correct is 49.3% better than random.
Extensive Elliott Commentary for AUDUSD1440 (Daily) on 06-Jul-2007 with four incomplete patterns:
Wave b of the Minute degree Flat with a rating of 97.4 is expected to complete in the price range .846 to .8786, but more probably between .8464 and .8563. This wave was expected to complete before 29-Jun-2007, and must complete by 06-Jul-2007.
After wave b is complete, expect the market to continue down into wave c, which should be a five wave Impulsive pattern. Expect wave c to retrace wave b by 81% - 165%. Wave c can also be expected to be 100% - 165% of the price length of wave a. The expected time for wave c to complete is 23% - 167% of the time taken for wave b to complete and 60% - 284% of the time taken for wave a to complete.
Wave Y of the Minor degree Double 3 with a rating of 92.6 is expected to complete in the price range .7802 to .8475, but more probably between .8171 and .837. This wave is due to complete anytime from now until 26-Jul-2007, but is most likely to complete before 13-Jul-2007.
Wave Y will probably complete this Double Sideways pattern, although it could possibly extend into a Triple Sideways pattern.
This is the final wave in the pattern. When complete it will also complete wave (2) of the Intermediate degree Impulse with a rating of 76.7. These two waves have the same target ranges.
After this wave (2) is complete, expect the market to continue up into wave (3). Wave (3) should always be an Impulse and should retrace wave (2) completely. Expect wave (3) to retrace wave (2) by 203% - 432%. Wave (3) can also be expected to be 82% - 432% of the price length of wave (1). The expected time for wave (3) to complete is 30% - 333% of the time taken for wave (2) to complete and 23% - 169% of the time taken for wave (1) to complete. The slope (ie. price range divided by time taken) of wave (3) should be between 35% and 133% of the slope of wave (1). Once wave (3) is complete, expect wave (4) to be a sideways corrective movement, then wave (5) to continue in the same direction as wave (3). Wave (5) will complete this Impulse.
Wave 3 of the Primary degree Impulse with a rating of 89.1 is expected to complete in the price range .8459 to 1.0053, but more probably between .8638 and .9188. This wave is due to complete anytime from now until 05-Mar-2008, but is most likely to complete before 24-Aug-2007.
When complete, expect the overall slope (ie. price range divided by time taken) of this wave 3 to be between 35% to 133% of the slope of wave 1. Then expect the market to pull back into wave 4, which will be corrective in nature and has a probability of 65% of being a Flat or other sideways pattern. Wave 4 should not retrace back into the price range of wave 1 or 2. Expect wave 4 to have between 45% - 154% of the price range of wave 2. The expected time for wave 4 to complete is between 12% - 126% of wave 2. After wave 4, expect wave 5 to move beyond the end of wave 3 to complete this Impulse.
Current Analysis Settings:
Analysis Date Range: 02-Jan-2007 to 06-Jul-2007, Label Range: 7 - 30, Preferred Count Labels: 27, Min Rating: 75, Stocks toggle OFF, Bias Towards Beginning of Data: 8, Bias Towards Major High/Low: 8, Largest Degree Wave Filter: Any Pattern
Analysis were made using the Refined Elliott Trader software
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Linear Mode
