Wrote by Unknown
Summary of Riding Elliott’s Waves
There are three cardinal rules in labeling waves:
Rule Number 1: Wave 3 can NEVER be the shortest impulse wave
Rule Number 2: Wave 2 can NEVER go beyond the start of Wave
1
Rule Number 3: Wave 4 can NEVER cross in the same price area
as Wave 1
If you look hard enough at a chart, you’ll see that the
market really does move in waves.Because the market never moves in text book
perfect fashion, it will take many, many hours of practice analyzing waves
before you start to get comfortable with Elliott waves. Stay diligent and never
give up!
Wrote by Unknown
"What lies behind us and what lies before us are tiny
matters compared to what lies within us."
By Ralph Waldo
Emerson.
Wrote by Unknown
"It is difficult to say what is impossible, for the
dream of yesterday is the hope of today and the reality of tomorrow."
By Robert
H.GoddardWrote by Unknown
Riding Elliott’s Waves
-Elliott Waves are fractals. Each wave can be split into
parts, each of which is a very similar copy of the whole. Mathematicians like
to call this property “self-similarity”.
-A trending market moves in a 5-3 wave pattern.
-The first 5-wave pattern is called impulse wave.
-One of the three impulse waves (1, 3, or 5) will always be
extended. Wave 3 is usually the extended one.
-The second 3-wave pattern is called corrective wave.
Letters are used instead of numbers to track the correction.
-Waves 1, 3 and 5, are made up of a smaller 5-wave impulse
pattern while Waves 2 and 4 are made up of smaller 3-wave corrective pattern.
-There are 21 types of corrective patterns but they are just
made up of three very simple, easy-to-understand formations.
-The three fundamental corrective wave patterns are
zig-zags, flats, and triangles.
Wrote by Unknown
"Inspiration comes to us slowly and quietly…prime it
with a little solitude."
By Brenda Ueland.
Wrote by Unknown
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