** IF LOOKING AT THIS PLEASE MINIMIZE YOUR SIDEBAR, AND MAXIMIZE THE CHART (OTHERWISE LINES WILL OVERLAP) ** In this lesson we will go over a form of motive wave that is not an impulse, a Diagonal Triangle! (referred to as either an Ending Diagonal or a Leading Diagonal)
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If you are following this series I would suggest writing down what is shown in notes to help your brain remember these patterns, rules, guidelines and more. Elliot Wave theory is based on pattern recognition, and to recognize these patterns in real-time you must first remember them.
We will next be going over corrective patterns (Reactionary) !
Any questions are welcome in the comments below!
Comment
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Do not fret for those following this series, more will come this week!
Thank you for providing this series, essential knowledge for traders clearly explained.
oaa37
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I have a question in which I hope you can answer. On a larger time frame we can see a clear five wave pattern, however, when we look at a lower time frame the wave count looks choppy which invalidates Elliot's idea that the market is fractal. A prime example is the SPX500 when it started the bull market in 2009. Therefore do you ignore the internals and focus on the larger wave count? What's your opinion on harmonic Elliot wave as an alternative structure? Thank you.
dcanfield
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Excellent, I'm patiently waiting. Thank you.
pkb6698
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I think there is a correlation between Total Coin Market Cap and Bicoin Dominance.
dcanfield
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Hello Godly,
I just wanted to ask for clarification on the above diagram. I am new to trading and have much to learn, please forgive the ignorance or simplicity of question.
In the above #3 box..."A diagonal that is rising is bearish......A diagonal that is falling is bullish......."
It is bearish because of the sharp decline after the diagonal and bullish because of the upward thrust after the diagonal and not because of the diagonal itself...correct?
Thank you in advance for your patience.
Godly
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@dcanfield, because with E/D usually they are an indication of the termination of the larger trend, so if it was an ending diagonal in a wave 5 upward the move after the breakout would be bearish, and if it were an ending diagonal in a wave 5 downward, the move after the breakout would be bullish. Hope I could give you the answer you were looking for!
dcanfield
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@Godly, Excellent, thank you so much Godly. Appreciate the explanation, very clear. =) Have a blessed day.
Deana
imagineer
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Why are expanding wedges / pennants invalid? They seem to play out fairly similarly from what i've observed.
Godly
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@imagineer, They are invalid in the sense that they are not E/D. They are valid as other patterns.