![advanced get elliott wave advanced get elliott wave](https://slidetodoc.com/presentation_image_h/c4934eaf5837876ff7122d61f11a1058/image-40.jpg)
In October 2016, the fourth wave looked finished as a triangle, so I expected another bullish impulse, which developed in the next few months. So, the trend is still bullish, and you can see the current wave count below.
![advanced get elliott wave advanced get elliott wave](https://www.elearnmarkets.com/blog/wp-content/uploads/2021/08/778_ELM_Blog-Image_Final_02-5-1.jpg)
This expectation was based on some things in the EWP we're going to learn soon, but for now, you can see how it worked. I expected the market much higher because the fifth wave was far from over.Ī few months later, the market climbed even higher, but I was still bullish. In September 2016, the index reached the historical high, and I posted a quite bullish wave count. That's a core skill of a successful trader. With the EWP, you are trying to figure out trading actions depending on which wave count is in place. If some holy-grail indicator tells you to buy or sell, you wouldn't think what you're going to do if something goes wrong. This is the most exciting about the EWP because it's like playing chess. Usually you have a few possible scenarios, which sometimes are contradictory. You probably heard that if you use the EWP in trading, you will come across more than one possible wave counts. The power of EWP is an ability to see the bigger picture, not just an individual setup. The majority of the technical analysis approaches focus on patterns and signals, which stand aside from each other. This story happens from higher to lower timeframes.Īnd this makes the Elliott Wave Principle different from other techniques of market analysis. Each wave is a part of another wave, but also each wave consists of smaller waves. The Elliot Wave Principle is like a Russian nesting doll (Matryoshka). So, we can come to the following conclusion: there's no wave, which could stay apart from the others. The decline is likely in the third wave of a bearish impulse, while an upward bounce is the fourth wave of it. The next chart is just the real wave count, which I posted in my analytics. Fine, we've just found an impulse and a correction, so it's time to see a little bit bigger picture. Also, there's a 3-wave advance, which we could consider a correction. You can see there a 5-wave decline – that's an impulse wave (there're some cases where we could have a 5-wave correction, but I'm going to describe it later). But for now, let's focus on these two ones. We'll come back to this in the next articles, so you'll see that there's just one main LEGO block, which is an impulse. There're two main things in the Elliott Wave Principle: impulses (five-waves price movements) and corrections (three-waves price movements). Also, we'll go through some cases, which aren't described in the books, but you can find them on the charts. The most examples will be from the real market. The thing, I'm really going to do, is to teach you the Elliott Wave Principle and share my experience. And rest assured, I'm not going to just retell you the books. Any rule or guideline in any article fits the rules in these publications.
#Advanced get elliott wave series#
So, this series of articles based on the two books. Unfortunately for many readers around the world, this book is in Russian. And furthermore, in 2006 another great book was published – 'Elliott's Code' by D.V.
![advanced get elliott wave advanced get elliott wave](https://demo.pdfslide.net/img/380x512/reader024/reader/2021010505/5b0059237f8b9a84338c7d9d/r-1.jpg)
Frost for the book 'Elliott Wave Principle: Key to Market Behavior', which nowadays is the primary source of rules and guidelines. Elliott described patterns that repeatedly form on the market according to very well-defined rules. In 1938 he published 'The Wave Principle', and his second book 'Nature's Law - The Secret of the Universe' was printed in 1946. We should say many thanks to Ralph Nelson Elliott (1871 - 1948), who was an accountant and economist. In the following articles, we will guide you through the Elliott Wave Principle. Simply put, Elliott waves are the DNA of the market. For example, you can trade on intraday charts, but at the same time, you also have a bigger picture. Why? Elliott Wave Principle is the only tool in our experience, which can sort out the price movement on every timeframe from the Monthly or even Yearly chars to just one-minute intraday intervals. That's because nowadays Elliott wave analysis becomes one of the most popular approaches of the Forex market forecasting. You probably heard something about Elliott waves or even seen wave counts.