Wave Theories are complex. It's proven that almost everything in nature moves in waves (light ,sound etc.) and that is why most of us believes the market does too.Ralph Nelson Elliott's work is best anyone has done so far in identifying the waves patterns . But even his work on waves is not finished , it leaves a lot of question unanswered and the most important one is, what is a wave?
We have seen many counts on the same chart and they are all different!! You can with a bit of imagination and a strong belief system see 3 wave 5 waves or even 7 wave in a single move. That has been the biggest obstacle in my path to learning EW. I would have 2 or 3 different counts and all would be wrong! It wasn't until I learned how to identify what is a wave using a single tool that was around for years, that my forecast and counts started to work like magic. Yes i do a lot of forecast and i trade them .
The thing we must understand about corrective waves is we DON'T know how it will develop, motive waves are simple ,12345. Corrective can be any of the basic patterns Elliott has identify or a combination of it .
EURCAD is in a corrective structure and we assume it's making a C wave down but we don't know what form the C wave will take . We can still trade it on lower degrees ,looking for a correction and then catch the next impulse!
pippo
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Say to Elliott Wave traders to count waves, and they most probably come out with dirrerent results
DanV
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Hi Anil, Thankyou for sharing your analysis. I note that your Wave C are minor abc zigzags rather than 5 wave impulse which I think wave c should be. Not sure if I am missing something. Would interested on your comment.
anilmangal
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Hi Dan ,yes wave C by the theory is a 5 wave but i have found and proven that ,that is not so .First you must know That we (our EW group) have a way of OBJECTIVELY showing "what is a wave" ,In other words I teach you to identify "a wave" on any given degree" it is no longer subjective. We have tested this method against "the best in the business" and have proven that when there is a difference in count our system is spot on!
DanV
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Hmmm, OK Not convinced but pleased it works for you. Thanks.
anilmangal
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The way to be convinced it to test and retest ,which is what we do in our group. Why do EW'ers have different counts ,well because NO ONE ,KNOWS WHAT'S A WAVE? what if you found a way to define it? well we have and we tested it and are still testing it ,it works!! we don't just put the waves where we "feel like to" just to prove a 5 wave ,we have a tool that says it's one wave ,3 waves, or 5 wave!
DanV
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Ok fair enough. I don't have that facility. However, if I did and like you felt that wave C could be a zigzag and don't require it to be 5 wave impulse then I am likely to have to re-write the EW rules. That is not advisable. At least for myself. Thank you for your explanation.
anilmangal
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You are welcome Dan ,just remember nothing is static be open to change, Elliot was not the first to talk about wave (his work was great! ) and his findings will not be final at least for someone with a thirst for knowledge like me.
DanV
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I understand and I am not a complete beginner in charting EW, though would not call myself an expert. However, if you begin to change rules of what has been commonly accepted of EW charting which is different from interpretation of a particular price action of a swing. My understanding is Wave C must have 5 impulsive wave, if not then it is not wave c, It is any manners of corrective combination of WXY nature.
If however, you insist that you have special tool that can label a particular wave as wave c when it is a zigzag then I would say you are wrong regardless of your testing, resource and interpreting skill and knowledge.
Because if you deviate so fundamentally then you can have whatever interpretations you wish and not of these will conform to any rules. Unless you have had this submitted to verifying authorities. You might in fact have completely something else rather than EW.
Anyway I am not in habit of arguing. I understand where you are coming from and wish all the best.
anilmangal
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Thanks Dan , but just for your info 5 waves in C is not a rule!
We have seen many counts on the same chart and they are all different!! You can with a bit of imagination and a strong belief system see 3 wave 5 waves or even 7 wave in a single move. That has been the biggest obstacle in my path to learning EW. I would have 2 or 3 different counts and all would be wrong! It wasn't until I learned how to identify what is a wave using a single tool that was around for years, that my forecast and counts started to work like magic. Yes i do a lot of forecast and i trade them .
The thing we must understand about corrective waves is we DON'T know how it will develop, motive waves are simple ,12345. Corrective can be any of the basic patterns Elliott has identify or a combination of it .
EURCAD is in a corrective structure and we assume it's making a C wave down but we don't know what form the C wave will take . We can still trade it on lower degrees ,looking for a correction and then catch the next impulse!