EW's SHARPS vs. SIDEWAYS | #elliottwave #forex - Down to Basics
A quick overview on TradingView today regarding corrective patterns expressed as SHARPS and SIDEWAYS.
While further details do exist within lesser degrees internal to each waves, the visual trader might simply remember that certain anatomical features of these corrective patterns can easily be picked up at a glance.
This is in NO WAY a detailed review of the waves. It is simply offered as a "quick and dirty" approach to counting your corrections down to a potential reversal point.
A further analysis has to be conducted on your own, one that should indulge into Fibonacci's awareness of certain levels which would define the relative position of each point against one another.
For instance, be cognizant that deep retracement may not always occur at 0.618, but that instead, deep retracement should often near the 0.786 (the square root of .618, itself the square root of 0.382 ... It goes on and on) to 0.886 level.
For instance, in the diagram I have drawn, a Double-Zig-Zag ("DZ") would potentially see X recovering a Fib-paced length of W, recognizing that W itself may represent the end-expression of its own simpler A-B-C zig-zag.
Extensions of the same Fib levels include the following: 1.131, 1.27 (the square root of 1.618 and hypotenuse of a right triangle), and 1.414, so as to best estimate the relative termination point of waves C in the simplest zig-zag correction, or waves Y and Z in the saccadic repetition of corrections (i.e.: 3 x COR in DZ, and 5 x COR in TZ).
Hope this makes a bit of sense to the visual trader.
Cheers,
David Alcindor
PS: Here is a thread where some of this information is being discussed:
- www.tradingview.com/v/HM51GS2Y/
While further details do exist within lesser degrees internal to each waves, the visual trader might simply remember that certain anatomical features of these corrective patterns can easily be picked up at a glance.
This is in NO WAY a detailed review of the waves. It is simply offered as a "quick and dirty" approach to counting your corrections down to a potential reversal point.
A further analysis has to be conducted on your own, one that should indulge into Fibonacci's awareness of certain levels which would define the relative position of each point against one another.
For instance, be cognizant that deep retracement may not always occur at 0.618, but that instead, deep retracement should often near the 0.786 (the square root of .618, itself the square root of 0.382 ... It goes on and on) to 0.886 level.
For instance, in the diagram I have drawn, a Double-Zig-Zag ("DZ") would potentially see X recovering a Fib-paced length of W, recognizing that W itself may represent the end-expression of its own simpler A-B-C zig-zag.
Extensions of the same Fib levels include the following: 1.131, 1.27 (the square root of 1.618 and hypotenuse of a right triangle), and 1.414, so as to best estimate the relative termination point of waves C in the simplest zig-zag correction, or waves Y and Z in the saccadic repetition of corrections (i.e.: 3 x COR in DZ, and 5 x COR in TZ).
Hope this makes a bit of sense to the visual trader.
Cheers,
David Alcindor
PS: Here is a thread where some of this information is being discussed:
- www.tradingview.com/v/HM51GS2Y/
