Dear All traders. Elliottwave counting is difficult job.
I have Introduced a easy way to count this.
I have already posted MA, Channeling technique of Knennedy in my previous post.
Now come to this point
See market extreme of the time frame
Swing high( Higher highs) and swing low (Lower lows)
See any pattern head and shoulder or inverse head and shoulder
Head and shoulder----
Rt shoulder is wave 3 and wave 4,
head is wave 5 and A or wave i
Lt shoulder is wave B,C or ii,iii
Inverse head and shoulder is similarly with above
Also look for double tops
It is formed by Correction , flat, Zigzag , or wave 5, a,and b
Vice versa for Double bottoms.
Tripple tops
It is also correction
Combination of both zigzag , with flat, irregular with w, x, Y wave
Tripple bottom
it is vice versa of tripple tops.
Finally apply elliott wave principle to the chart of that time frame
I have Introduced a easy way to count this.
I have already posted MA, Channeling technique of Knennedy in my previous post.
Now come to this point
See market extreme of the time frame
Swing high( Higher highs) and swing low (Lower lows)
See any pattern head and shoulder or inverse head and shoulder
Head and shoulder----
Rt shoulder is wave 3 and wave 4,
head is wave 5 and A or wave i
Lt shoulder is wave B,C or ii,iii
Inverse head and shoulder is similarly with above
Also look for double tops
It is formed by Correction , flat, Zigzag , or wave 5, a,and b
Vice versa for Double bottoms.
Tripple tops
It is also correction
Combination of both zigzag , with flat, irregular with w, x, Y wave
Tripple bottom
it is vice versa of tripple tops.
Finally apply elliott wave principle to the chart of that time frame
Correction waves:
these are difficult to identify.- it takes more time than usual,
- More choppy and sloppy
- bounded within parallel line
- MACD is near zero or around zero
- MA are consolidated in these waves
- congested , it is ABC correction
- When wave are within parallel line, It is ABC correction, or B wave, 2, 4 wave
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