EUR monthly EW

[ronnimar]

i know the general bias !!
but ? maybe ? or totally wrong ?
any comments ?

[wotzit]

Hi Ronnimar

Yeah I know what you mean exactly. I posted this count on the 18th december on the uncle elliott thread in intraday recommendations.
I will include two charts, the forst one is with the wave 3 and the second counted as a wave 5.
The thing that bothers me is that whilst studying E/W I came across a useful indicator called a elliott oscillator. Most of the time this tool is useless (IMHO) except for identifying wave fours that is. According to study, this osc will return to the zero line 90% of the time a wave four takes place..very interesting you are thinking? A lot of charting programs don't have this indicator so I have overcome this by applying a MACD (exp) settings : 5/34/5. Look how close it is to the elliott oscillator.
First chart:

[wotzit]

Second chart with the elliott oscillator and macd 5/34/5. You can see that the osc is at zero now, this is telling me that its in a wave 4 maybe, remember that there is a 10% error.

[wotzit]

See how well it fits now? Either way it moves up from here so lets play it by ear.