First everything you have written so far is quite relevant and in no way you should think that the counts that I am posting here are the right ones or the ones that should unfold (who am I anyway, just 1 pair of eyes, market will always go where it wants to, no matter what you can think or hope for). I have learned over the years that even if you think you have the perfect count, market can play tricks on you, so as long as a count has the basic guidelines of EW principles it can be considered as a valid one. I encourage anyone that wants to post their count here to do so, this is not a competition count thread it is one for sharing the way we see markets based on EW.
When I started trading I did not use EW and tried all sort of things and traded lots of markets and mostly 2 to 3 lots at most and I was not very succesfull at it. I then decided to study EW, that took me a few years part time as I will still working full time. When I finally started feeling comfortable I traded 2 lots then 4 at most I think 6 was the most I traded. Could I trade more ? Yes but for now I don't feel the need to do it as I feel comfortable that way. I mostly trade when I see possible end of wave 2 or B scenario as the 3C leg is always the most rewarding one I will occasionally trade corrective patterns as long as my indicators are showing strength in that direction.
Lastly I rarely try to make a correlation with EW and what is said in the newspaper or economics as I have seen too many times the market doing the opposite of what it was suppose to do based on these facts, of course it was not against EW. anyway most of the times when we are near these potential big reversals markets are often at 50/50 counts scenario so you need indicators to help you out and even then you need to pick your trades accordingly to low risk and high probabilities that is the only way you will survive the market.
I hope this will help you out.
Last edited by Larry; May 15th, 2016 at 11:57 AM.
Reason: added something
The following user says Thank You to Larry for this post:
This last slow grind lower this last month really looks and feels like to me a Wave 4 retrace. Wave A is exactly the lenght of Wave C on this latest correction. My primary count is that we are starting a wave 5 up to new highs and then the carnage shall begin. It just doesn't have the characteristics of a wave 2 down.
Of course it could do anything, but I'd love to see others counts on this