NeoWave theory was developed by author and financial analyst Glenn Neely. It's an expansion of R.N. Elliott's ideas and concepts, with its own technique to analyze waves, aiming to reduce the subjectivity and perceived contradictions of the traditional Elliott Wave theory while at the same time aiming to improve its predictive power. NeoWave is a discipline in itself with many additional rules and requirements and with new corrective chart patterns such as the neutral triangle, the diametric formation, the 5th failure terminal and the 3rd Extension Terminal.
Time plays an important role in its logic: the time duration of pattern segments is used to determine whether or not a pattern has completed. According to the NeoWave logic, a pattern can not take too much or too little time (relative to other phases) to complete. Some traders combine NeoWave with other technical analysis techniques to try and find the best trades.
Trying to make heads and tails of the price action in the markets. The Elliott Wave count I’m getting is a series of running b waves with lower highs unfolding with an oncoming major wave down right in front of us.
Monday is Martin Luther King day with the US markets closed. I’m expecting a rally above the Minuette a wave highs of mid-December and a challenge ...
EURJPY giving us some clear structure
ABCD Pattern with obvious rejection at a major level of support
Price has just begun to re-enter our band so I will go to the lower levels to look for entry
Blue - Training Range (I am currently looking to trade from the current position (once I go to the lower levels and find entry) to the top blue band @ the least)
Pink - ...
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