Once of the most often think that people ask is if elliott wave technique exclude the traditional technical analisys or viceversa, and the actual answer is no, both of them look at different patterns and them can coexist in the same chart.
Here are a beautifull example: after a long 5 wave decline, a new upside stance has started.
And at the very same time a clear head and shoulders anounced the reversal to the upside.
As well at the same time while once has finished it's forecasting richness, the other one still telling a story.
Once the Head and Shoulders has reached it's target the only remainting information as far as now is the existance of a upside trend.
In the other hand, the elliott wave still have a lot to confirm and tell:
1) the reversal is possible to continue to the range between the 2nd wave of the wave 5) (because it's a common target when the 5th is extended) or even to continue to the 4) wave end (another common target).
2) Due the extent of the actual upside movement compared with the first one, we can expect that while farest the actual upside movement reach the more probable a 5 wave to the upside is underway and therefore after a retracement another upside movement will follow, so the trend will thend to continue as well with a new 5 waves to the upside afther a decent retrace.
Here are a beautifull example: after a long 5 wave decline, a new upside stance has started.
And at the very same time a clear head and shoulders anounced the reversal to the upside.
As well at the same time while once has finished it's forecasting richness, the other one still telling a story.
Once the Head and Shoulders has reached it's target the only remainting information as far as now is the existance of a upside trend.
In the other hand, the elliott wave still have a lot to confirm and tell:
1) the reversal is possible to continue to the range between the 2nd wave of the wave 5) (because it's a common target when the 5th is extended) or even to continue to the 4) wave end (another common target).
2) Due the extent of the actual upside movement compared with the first one, we can expect that while farest the actual upside movement reach the more probable a 5 wave to the upside is underway and therefore after a retracement another upside movement will follow, so the trend will thend to continue as well with a new 5 waves to the upside afther a decent retrace.