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Google EW theory, read the articles. There is no book or article which describes my use of RSI to identify EW count. This is unique to my research with RSI, price patterns and EW structure. The eight EWs are an upright head and shoulder price pattern, the most common and reliably predictive pattern of all. RSI measures the relative strength of each wave, always reporting the highest value at wave 3 high. There are always classic and reverse divergences at various wave high and lows. RSI traces those divergences. Thank you Michael for your interest and apparent effort to study this subject. Few people on this board are interested in this subject. Loren From: MetaTrader_Experts_and_Indicators@yahoogroups.com [mailto:MetaTrader_Experts_and_Indicators@yahoogroups.com] On Behalf Of Michael Hopfner Sent: Wednesday, February 16, 2011 9:31 AM To: MetaTrader_Experts_and_Indicators@yahoogroups.com Subject: RE: [MT_E and I] NZD/USD, 2/14/11, monthly,weekly, daily and 4 hour charts Loren, Which reading is it you recommend for studying Elliot Wave in conjunction with RSI? Thanks in advance, Michael From: MetaTrader_Experts_and_Indicators@yahoogroups.com [mailto:MetaTrader_Experts_and_Indicators@yahoogroups.com] On Behalf Of Loren Morlan Sent: Monday, February 14, 2011 2:07 PM To: Divergence@yahoogroups.com Subject: [MT_E and I] NZD/USD, 2/14/11, monthly,weekly, daily and 4 hour charts Monthly; Price has traced the probable fractal high of waves c/B which retraced 0.93 of the prior down cycle from wave 5 to A. This retracement suggests the prior down cycle was very weak and that price would not retest wave A low. Price has started Wave C which will be an impulse wave (5 down) to its unknown low. Weekly; Wave A traces an impulse wave (5 down). Corrective waves a b and c/B are trace by RSI. Waves 1 and 2 have conclusively been established. Price is located in wave 3 of the weekly period. Daily; Wave 1 down is an impulse wave (5 down). Wave 2 was corrective of wave 1. Price is located in Wave 3 (impulse wave) currently. 4hour; Price has trace a bullish bat pattern suggesting higher price. The right side of the pattern coincides with the low of wave 3 in this period suggesting corrective waves a, b and c to wave 4 high. Shortly after this screen shot the long position was closed in anticipation of corrective wave 4. Comments; Price/RSI have conclusively traced 7 of the 8 Elliott waves. Wave C is the final EW. RSI in all period charts trace various EWs. This is the most accurate EW oscillator. Two MACD oscillators are also considered but are omitted here because of the importance of understanding use of RSI. Loren ------=_NextPart_000_0048_01CBCDE5.2ECA3600 Content-Type: text/html; charset=US-ASCII Content-Transfer-Encoding: 7bit  

“Elliott Wave Principles” by Prechter and numerous articles from magazines.  Google EW theory, read the articles.  There is no book or article which describes my use of RSI to identify EW count.  This is unique to my research with RSI, price patterns and EW structure.  The eight EWs are an upright head and shoulder price pattern, the most common and reliably predictive pattern of all.  RSI measures the relative strength of each wave, always reporting the highest value at wave 3 high.  There are always classic and reverse divergences at various wave high and lows.  RSI traces those divergences.  

 

Thank you Michael for your interest and apparent effort to study this subject.   Few people on this board are interested in this subject.   

Loren

 

From: MetaTrader_Experts_and_Indicators@yahoogroups.com [mailto:MetaTrader_Experts_and_Indicators@yahoogroups.com] On Behalf Of Michael Hopfner
Sent: Wednesday, February 16, 2011 9:31 AM
To: MetaTrader_Experts_and_Indicators@yahoogroups.com
Subject: RE: [MT_E and I] NZD/USD, 2/14/11, monthly,weekly, daily and 4 hour charts

 

 

Loren,

Which reading is it you recommend for studying Elliot Wave in conjunction with RSI?

 

Thanks in advance,

Michael

 

From: MetaTrader_Experts_and_Indicators@yahoogroups.com [mailto:MetaTrader_Experts_and_Indicators@yahoogroups.com] On Behalf Of Loren Morlan
Sent: Monday, February 14, 2011 2:07 PM
To: Divergence@yahoogroups.com
Subject: [MT_E and I] NZD/USD, 2/14/11, monthly,weekly, daily and 4 hour charts

 

 

Monthly;

Price has traced the probable fractal high of waves c/B which retraced 0.93  of the prior down cycle from wave 5 to A.    This retracement suggests the prior down cycle was very weak and that price would not retest wave A low.  Price has started Wave C which will be an impulse wave (5 down) to its unknown low.

 

Weekly;

Wave A traces an impulse wave (5 down).  Corrective waves a b and c/B are trace by RSI. Waves 1 and 2 have conclusively been established.  Price is located in wave 3 of the weekly period.

 

Daily;

Wave 1 down is an impulse wave (5 down).  Wave 2 was corrective of wave 1.  Price is located in Wave 3 (impulse wave) currently.

 

4hour;

Price has trace a bullish bat pattern suggesting higher price.  The right side of the pattern coincides with the low of wave 3 in this period suggesting corrective waves a, b and c to wave 4 high.  Shortly after this screen shot the long position was closed in anticipation of corrective wave 4.

 

Comments;

Price/RSI have conclusively traced 7 of the 8 Elliott waves.  Wave C is the final EW. 

 

RSI in all period charts trace various EWs.  This is the most accurate EW oscillator. 

 

Two MACD oscillators are also considered but are omitted here because of the importance of understanding use of RSI.

 

Loren

   

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