Elliot Wave Theory: Degrees, Basic structure and Fractals (pt.1)
I am going to start posting a visual guide to Elliot Wave since a lot of people ask me about where they can learn Elliot Wave theory, and many complain about how long it usually takes. So with this I hope I can simplify the theory for you. This theory works very well in financial markets as well as cryptocurrency markets (not /BTC but /USD)
Introduction: Elliot Wave theory was developed by R.N. Elliot and popularized by Richard Pretcher. This theory claims that crowd behaviour moves in clear trends. Elliot identified a certain structure to price movements in financial markets. I will be explaining this theory and most structures in a somewhat simplified version in the upcoming ideas, so this is pt.1, in these parts we will cover: Basic structures, Degree of waves, Fractal nature of markets, Wave personality, Impulse/Motive waves, Corrective waves, Fibonacci projections and retracements, cycle of markets in relation to Elliot Wave Theory, The right look, Percentages, and Fibonacci relationships, Rules, Guidelines and more. I am making this series to help those unfamiliar with Elliot Wave theory, for those who might be struggling in it to get a visual understanding, and for those who might be too impatient to read through the entire book. Many are quick to brush off Elliot Wave theory as hocus pocus because they do not take the time to remember the patterns, rules, and other things then try to apply them to real-time charts without the needed knowledge, however I guarantee you if you take the time to memorize these patterns and apply them to the charts in front of you while using proper rules, etc. you will be able to predict most price moves in real-time.
Basic structure: The basic structure I have shown is based off of a "normal" 8 wave structure which has an extended wave 3, and as we know markets can behave irrationally and not follow the norm, sometimes there are complex corrections and non-typical extensions, but we will cover that in further posts.
Leave a like if you wish to follow this series, every update will be posted below.
Introduction: Elliot Wave theory was developed by R.N. Elliot and popularized by Richard Pretcher. This theory claims that crowd behaviour moves in clear trends. Elliot identified a certain structure to price movements in financial markets. I will be explaining this theory and most structures in a somewhat simplified version in the upcoming ideas, so this is pt.1, in these parts we will cover: Basic structures, Degree of waves, Fractal nature of markets, Wave personality, Impulse/Motive waves, Corrective waves, Fibonacci projections and retracements, cycle of markets in relation to Elliot Wave Theory, The right look, Percentages, and Fibonacci relationships, Rules, Guidelines and more. I am making this series to help those unfamiliar with Elliot Wave theory, for those who might be struggling in it to get a visual understanding, and for those who might be too impatient to read through the entire book. Many are quick to brush off Elliot Wave theory as hocus pocus because they do not take the time to remember the patterns, rules, and other things then try to apply them to real-time charts without the needed knowledge, however I guarantee you if you take the time to memorize these patterns and apply them to the charts in front of you while using proper rules, etc. you will be able to predict most price moves in real-time.
Basic structure: The basic structure I have shown is based off of a "normal" 8 wave structure which has an extended wave 3, and as we know markets can behave irrationally and not follow the norm, sometimes there are complex corrections and non-typical extensions, but we will cover that in further posts.
Leave a like if you wish to follow this series, every update will be posted below.
Comment:
Part 2
Comment:
New lesson out on Monday!
