Thread by @ThePupOfWallSt

Counting Elliot Waves

When starting out, I like to start with a blank clear chart. I like Japanese candles but bar charts are fine.

I then label my swing high and low levels. This helps me find my prior pivot points or levels of interest from the past.

🧵👇 #PupThread

Next, I look for patterns. Sometimes it helps to switch to a line chart if no patterns are popping off the page.

Some of my favorite patterns to identify are:

• Head & Shoulders
• Cup & Handle
• Wedges
• Flags
• Triangles
• Diagonals

Then I look at my waves. Is there any identifiable impulse 5 wave move up or declining 3 wave move down?

Once these are identified, I start to mark up the chart based on what I see.

Now that my waves are defined, I will look into some of the other technicals such as RSI/MACD to find divergences. I want to see if they match up with my wave counts. This will give me the confluence to say whether my counts are correct or need more work.

I hope you've found this helpful. If you want to learn more, check out this thread I did on How Elliott Wave Can Improve Analysis & Timing

https://twitter.com/thepupofwallst/status/1448453521746145282?s=21

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