Lloyds

I'm quite new to EWT myself so struggling with that answer. Also not sure how accurate the following guidelines are but you could try making sense of wave 4 description to see how it matches with the chart. I personally think whether this is wave 4 or a sub wave 3 of wave 3 either way we will see this continue to rise.

www.tradingfives.com/articles/elliott-wave-guide.htm

Charts aside sentiment seems high with Banks after Barc results and LLoyds are to follow end of the month. On the other hand maybe its starting to look a little too bullish. As Jackozy said, only time will tell.

Amo/Jackozy

Just following your thoughts on lloyds and would like to know, if we dont visit the 38% fib area of 43.8p in the coming days but instead we finish above the recent high of 55.63 does that mean wave 4 is over and now wave 5 is in play or bceause we did not have that full retracement were are still in wave 3.

Thanks in advance

Cheers for the post's guys. Lloyds end of year results are at the end of the month so this could have an impact on what happens next.

Hi Amo,

I think you've got the options covered there. There's no way to know for sure, but my money would be on this being a wave 4, possibly down to the 38.2% Fib of the wave 3 at c. 43.8p.

I've based that on having achieved the 161.8% extension of wave 1 up. I also think that what we think is wave 3 has a nice set of subwaves with an extended 5th subwave.

Only time will tell I'm afraid.

I'll have another look later on or tomorrow to see if I can see anything more definitive. Not at my best today due to a couple too many watching England beat Ireland yesterday!

I never done EWT..but the signal I do like is MR 50 day
regardless of fibs, waves, and everything else a close below trendline and 50 day would imply at least a 10% drop before risk/reward was good...I just commented on another share about the 50-55 braket and personally I'd bail on a close below 48 (3% trendline rule)

I'd really appreciate some thoughts on where you think this could go next. From reading up on EWT my understanding is that this wave could either by the start of a wave 4 or could be a sub wave before the rise to 261.8 Fib before we see a wave 5.

I have been using the following link as a basic guide and it seems to be meeting quite a lot of the criteria for 5 waves.

www.tradingfives.com/articles/elliott-wave-guide.htm




Any thoughts/opinions would be great.