Thursday, November 1, 2012

Easiest method of Elliottwave counting

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



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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