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What Happens After The 5th Elliot Wave?

OANDA:GBPUSD   British Pound / U.S. Dollar
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What is Elliot Wave Theory? The Elliott Wave Principle is a form of technical analysis that is used to analyze market cycles and forecast market trends by identifying the impulses and corrections of market structure. A trader can identify trends by identifying extremes in investor psychology, highs and lows in prices, and much more.
The Elliot Waves are as follows:
1: Impulse Wave
2: Correction
3: Impulse Wave
4: Correction
5: Impulse Wave
A: Impulse Wave + Complex Correction (Wave A usually drops to the previous fourth wave (Wave 4)
B: Correction
C: Impulse (Once wave c is over, it is highly likely the next move is a wave that overcomes the entire a-b-c sequence.)

So what comes after the 5th Wave? What kind of psychologic factors could be taking place during this wave? Leave your thoughts below!
Comment:
Comment: Here are the results of how this pattern played out this week!
Trade responsively, not predictive.

Comments

Thanks for sharing this simple guide to Elliot Wave and sparking a possible discussion! It's been featured in Editors' Picks. By the way, fun fact about Elliot Wave: it was founded in 1938.
100 coins
+2 Reply
cleartradingtv TradingView
@TradingView, Thanks TradingView!
Reply
is it me or you made your 3rd wave the smallest?
+5 Reply
idkau RICHMONSTOCK
@RICHMONSTOCK, Yeah, Isnt the 3rd supposed to be longer than the second?
Reply
cleartradingtv RICHMONSTOCK
@RICHMONSTOCK, Yes - usually the 3rd wave is larger than the 1st.
Reply
RICHMONSTOCK cleartradingtv
@cleartradingtv, no that's an elliot rule wave 3 can never be the shortest
+2 Reply
SvarogPerun RICHMONSTOCK
@RICHMONSTOCK, exactly and in lot of cases the third wave is 1.618 fib extension of first one
Reply
Great post! I use Elliott a lot for the higher time trend moves (monthly & weekly) mostly. Here's a post touching on your last point! 👍
+3 Reply
TheBadMrFox Mayfair_Ventures
@Mayfair_Ventures I see 5 waves on smaller time frames all the time. in a weakening market, the drop comes right at the correction , for S&P about 3717 and will dip at LEAST into the 3rd waves ranges
+1 Reply
Mayfair_Ventures TheBadMrFox
@TheBadMrFox, Yes the 5 waves are usually impulsive and then 3 correctives. It's the Elliott pattern over & over again. The post above, was to do with the mindset and if you click into the link it shows the waves in terms of where the mindset is at. 👍
+1 Reply
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