Step #1: Identify two bottoms where the second bottom is at least 5% higher than the first bottom
The first step is to identify the correct price structure of the ugly double bottom pattern. Basically, we need two bottoms where the second bottom is higher than the first one. In other words, the price needs to make a higher low.
The second bottom also needs to be...
When you see a morning star pattern (you can use candle software to find such), usually it marks the start of Elliott wave 1 to 5 sequence, you enter at the end of the first correction wave (retrace into the body of morning star pattern). When wave 2 is completed, we plot Fibonacci retracements from the tail of Morning star and you will see how perfectly price...
STEP 1 - Once the 1 wave is completed use Fib Retracement to find out the possible wave 2 level. Usually wave 2 is 0.5 - 0.8 of wave 1. In a uptrend Fib level is close to 0.8 but its the opposite on downtrend
STEP 2- Once the wave 2 is completed use Fib Extension to find out the possible wave 3 level. Usually wave 3 is 1.618 of wave 1 or 2.618 of wave 2.
STEP...
