mastering elliot waves part 5. applying labels, failing.
The ultimate goal of using Elliot waves is to label each wave with the knowledge that after a wave labeled L5, for example, we think that some type of directional movement is higher probability than picking randomly. In order to label a wave appropriately you have to do quite a bit of footwork. With the chart labeled as I have labeled it, and using the nomenclature suggested in the book, I was not able to label the m1 wave, which was my goal today.
In order to label the m1 wave, I need to have more waves available. For example, one of the labels required me to draw comparisons to the duration and movement of m3 and/or m4. I don't have an established m3 or m4 on this chart the way that I have it drawn out. Therefore, I was not able to make any labels.
On the inside I am crushed, however, this is my first time really trying to apply any of this. I should learn not to be so hard on myself.
The author used a lot of terms that I don't have a working understanding of. The language was written so that Elliot wave masters could read along and be satisfied. For the new learners, it is complicated. It will require me to learn what is an x-wave, and the different types of corrections, as that is part of the identification process.
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If there is anyone out there who knows a thing or two about labeling waves, how would you label these waves? Or how would you have drawn them differently?
In order to label the m1 wave, I need to have more waves available. For example, one of the labels required me to draw comparisons to the duration and movement of m3 and/or m4. I don't have an established m3 or m4 on this chart the way that I have it drawn out. Therefore, I was not able to make any labels.
On the inside I am crushed, however, this is my first time really trying to apply any of this. I should learn not to be so hard on myself.
The author used a lot of terms that I don't have a working understanding of. The language was written so that Elliot wave masters could read along and be satisfied. For the new learners, it is complicated. It will require me to learn what is an x-wave, and the different types of corrections, as that is part of the identification process.
---
If there is anyone out there who knows a thing or two about labeling waves, how would you label these waves? Or how would you have drawn them differently?