Elliott Wave theory is one of the most accepted and widely used forms of technical analysis. It describes the natural rhythm of crowd psychology in the market, which manifests itself in waves. The essence of Elliott waves is that prices alternate between impulsive phases that establish the trend and corrective phases that retrace the trend. In their most basic and straightforward form, impulses contain 5 lower degree waves and corrections contain 3 lower degree waves.
Elliott Wave is fractal and the underlying pattern remains constant. The 5 + 3 waves define a complete cycle. They can form different patterns such as ending diagonals, expanded flats, zigzag corrections and triangles. Fifteen different degrees of waves can be identified with each of the 5 smart drawing tools, allowing users to visually identify different degrees of waves on a chart. The key to trading Elliott waves successfully is counting them correctly for which there are rules and guidelines.
It feels like we're going nowhere fast anymore and that's how corrections are. As a beginner traders you might grow frustrated by this but you will soon learn that the nature of a correction is 2 fold, one is to correct the previous advance and second to shake out traders out of their positions before another impulse begins. As more advanced traders know,...
Both these patterns are possible and I guess waiting for news i.e. ETF decision!
thepatternsite.com
thepatternsite.com
NB.Symmetrical Triangles can break both ways ~ apply stops.
My current count is that we are in 3 of (3) wave of the A wave (of this Wave correction) (phew)
but well, many other cases can still not be discarded.
Anyways, another wrong idea. w.e.
I think this is the lowest price for a zill
the minimum target is TP1 that marked in chart. But also TP2 is not far away
this position can take some time but will happen..
Hello Traders,
following conclusion I have met as of my last analyze:
„...Hang Seng failed to exceed the upper boundary of the trendchannel and declined sharp after. It has left a „bearish-engulfing“ at chart, a sell signal on a daily basis. While closing below the 0.382 Fibonacci of the advance from Jan.-April, the odds do increase, that the targets for the next...
My strategy: I used many techniques in my analysis with
- Price Action is a trading technique that allows me to read the market and make subjective trading decisions based on the recent and actual price movements.
- Price Channel is a pair of parallel trend lines that form a chart pattern for a stock or commodity. Channels may be horizontal, ascending or...
Quiet on the bitcoin front with prices cornering themselves into the 8000 area. We should see a move here not far in the future that can start clarifying some things. If the proposed 4th wave correction is already over and a series of 1,2's have developed since the "flash crash" drop we should see a breakout above the 8250 highs that can carry prices either into a...
.618 Fibonacci retracement completes wave 2 at 283.48.
Wave 3 is typically 161.8% of wave 1 (9.1 * 1.618 + 280 = 294.7), target 294.7 before the end of the month.
The chart on the left is a weekly view of Raytheon. From the year 2000 low, the stock rallied nicely within a trend channel before breaking topside resistance in 2015. After topping out around $230, RTN has pulled back to retest the prior trend channel as support. Looking at a smaller timeframe on the right, we can see the sharp bounce off of the trendline and the...
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