Every complete Elliott Wave move consists of 5 impulsive waves in the direction of the main trend followed by 3 corrective waves a so called " move". This rhythm of move remain true for any time frame. To understand we have to go back to the mass psychology phenomenonand here is how it works according to Elliott:. Forex 1 - represents an impulsive optimism among the first factory of Buyers - they have found a good reason to Buy for technical or fundamental reasonsand so they begin pushing the market higher. Wave 2 - the impulse fades out as the original Buyers begin to close trades with profits, while other wave who missed the train, stay outside waiting for a new opportunity. Wave 3 - usually the longest and wave strongest wave. Every investor who wanted to Buy those who missed Wave 1 and those who didn't will start Buying now. In addition to that, in the middle of the wave 3 those who weren't convinced about an Uptrend will be convinced by now. Altogether this will bring a large acceleration elliott the main trend. Wave 4 - sooner or later it's time to take profits, an impulsive forex starts to fade again. However, the correction will be shallow as there are still many Buyers who want to join the trend. Wave 5 - and so the uptrend restores, but the markets are already overbought and it becomes obvious that a reversal is due. The end of wave 5 is often marked by oversold in an uptrend markets and divergence. Waves A, B, C - these waves develop in the counter-trend style to the major trend. At this point a new trend may develop, but may also not, and the new forex of A-B-C waves may begin. It would be great of we could take those waves and go trading, but on practice when we look at price charts there are no such smooth waves, instead, it'll look elliott a maze of up and down swings. Where to go from here? According to Elliott every complete set of A-B-C waves becomes a wave of a larger degree a wave of a larger cycle. Bellow is the table with all known Elliott Wave cycles and their corresponding styles of wave numeration. This is an Uptrend, where: A-B-C - is a corrective move, where A-C are impulsive waves, B is corrective wave. To understand we have to go back to the mass psychology factoryand here is how it works according to Elliott: Degrees of Elliott Waves and cycles It would be great of we could take those waves and go trading, but on practice when we look at price elliott there are no such smooth waves, instead, it'll look like a maze of up and down swings. Elliott Wave theory says that every wave has smaller waves within it. And so, if we now view every wave as a series of smaller waves, wave picture will look like this: Elliott wave cycles According to Elliott every complete set of A-B-C waves becomes a wave of a larger degree a factory of a larger cycle. What a great Theory. Thanks for increasing my knowlede. Its really a wonderful insight, a good eye-opener.
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These observations have nothing to do with superstition but they are based on painstaking research, facts and logic.
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