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.
Good morning guys!
No change from our point of view, at the moment, and our corrective structure is still working properly, that being said, we are close to our TARGET 1 but the real driver for next week will be today's daily closure.
NOTE: To study our used strategy, click on the chart...
I always expect oil to do unexpected swings. This is my best count. Yesterday I had a small ride down in a wave C. Now I am holding very small position waiting for (B) to form and if confirmed I will go more aggressively short in the wave (C).
Market Commentary:
READ THE MARKET COMMENTARY IN THE CHART CAREFULLY...AND TRY TO LEARN THE ELLIOT WAVES...OTHERWISE ITS TOUGH TO UNDERSTAND MY ANALYSIS
All information given inside the chart and i shared this for educational purpose only. Maximum i wont give the followup or update in the old chart posted as educational trade idea, sometimes i will...so please...
In yesterday's premium member daily major market (see here) I already warned that a move below yesterday's low at SPX2905 would tell us the market would most likely to go lower. And so it eventually did. I say eventually because,and of course, it (had to) whipsaw hard first when it did dip below 2905 briefly this morning (first mouse gets the squeeze...) only to...
The number of people this rally has tricked is off the charts (no pun intended).
Many times you just have to take a step back and look at the bigger picture and things become more clear.
It took 1,189 days for the 2013 top to be breached. This current cycle is only 613 days in.
Of course you have to be on the side that believes cycles are lengthening, which I am...
The market moved and the move was deeper than expected. After the session on the bounce, I closed my longs and remain flat because there are 2 possible interpretations. I still adhere to grey one and think that the market is tracing something complex to complete the wave 4 (circled) and then it does the final run-up in wave 5 to finalise ABC pattern. I am...
i just want to say elliott wave theory is not perfect as anything or anyone in the universe.i admit that it has drawbacks but i accepted it.
one of the drawbacks is you dont know if the correction will be simple, double or triple.
there is always more than one scenario.
but i love elliott waves. i adore it.
FOR EDUCATIONAL PURPOSES ONLY.
As I mentioned earlier, gold is targeting ~1600.
There are two options:
1) The move to 1600 will be the full qualifying correction, in three waves
2) will be a part of a complex structure, as a wave W of a potential WXY combo
Good luck!
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Short Term Elliott Wave View in Nikkei suggests the decline to 19900 on August 6 ended wave (3). The Index is currently in wave (4) bounce and the internal subdivision is unfolding as a double three Elliott Wave structure. Up from 19900, wave W ended at 20795 as a zigzag. Wave ((a)) of W ended at 20650 and wave ((b)) of W ended at 20220. Then the move higher to...
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