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Elliott wave theory says price moves in 5 waves up and 3 waves down
Let’s concentrate on the 5 wave up move part.
Here wave 1 is analogous to the first higher high after deeper correction. Here trend reversal sets in.
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Let’s concentrate on the 5 wave up move part.
Here wave 1 is analogous to the first higher high after deeper correction. Here trend reversal sets in.
1/7
It followed by a deep correction in the form of wave 2. Having made a higher low in wave 2,
wave 3 confirms above the top of wave 1.
That’s supposed to be the strongest price move in the entire cycle.
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wave 3 confirms above the top of wave 1.
That’s supposed to be the strongest price move in the entire cycle.
2/7
This followed by a very shallow correction which usually lesser than 50% of the entire wave 3,
usually its lesser than 40% even.
This shallow pullback is a signal that another strong up move is on the cards.
That wave 5 which terminates the up move cycle.
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usually its lesser than 40% even.
This shallow pullback is a signal that another strong up move is on the cards.
That wave 5 which terminates the up move cycle.
3/7
