Saturday, February 26, 2011

ELLIOT WAVES

Elliot waves is simple counting method and if you have mastered previous ABC trend reading method then it would be no problem for you to apply this Elliot wave theory to your trend!
All you need to do with Elliot waves is to count the waves!
Elliot wave theory has two possible scenarios!

First scenario is 5 waves trend and then abc retracement!

As you can see:  
1st wave is from A to B1,        2nd wave is from B1 to C1,         3hd wave is from C1 to B2,  
4th wave is from B2 to C2,      5th  wave is from C2 to B3=A        

And now Elliot waves theory says that we can expect the correction waves abc!

Correction waves:
a wave is from B3=A to Cx=B1,     b wave is from Cx=B1 to C1,   c wave is from C1 to B2=?            

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