Everyone is going to front run you at .617.
Elliott wave charts & predictions
- Thread starter wxytrader
- Start date
From what I have read, that does appear to be a special crypto bro number.or "go down" around 0.69
bro and bro-ette. Takes two ya know.
Question for the experts.
Is it possible to have more than 5 waves. You have a situation where you have a perfect chart with 5 waves. All the rules are followed as an A B C correction starts to form. Except C doesn't trade lower than A and the price takes off and trades higher than wave 5. Could you count it as wave 7 or do you extend wave 5 or wave 3?
Is it possible to have more than 5 waves. You have a situation where you have a perfect chart with 5 waves. All the rules are followed as an A B C correction starts to form. Except C doesn't trade lower than A and the price takes off and trades higher than wave 5. Could you count it as wave 7 or do you extend wave 5 or wave 3?
only the extended or subwaves of ABC starting
What does that mean? I'm just starting to look at EW
Not an expert, but Elliott call them guidelines. At some point they became "rules".
Just like trading trendline breaks, patterns or MA crossovers, etc qualifiers of if this or that need to be applied. Price will do whatever it wants and breaks "rules" such as Wave 4 trading into Wave 1 range but yet not closing beyond a Wave 1 extreme close itself. That is acceptable to me. Others a rule is a rule.
Tom DeMark has a mechanical Wave counting system called E-Wave which I sometimes apply - that you might check into. The worst are those software programs that do it automatically - because they often automatically .... re-plot. And allow the user to not use to strain their brain. Nothing worth doing is ever easy or accomplished taking shortcuts.
Thank you;
I'm finding that like all other indicators the price causes the indicator to move. It's tough to use past info to predict the future.
I'll take a look at Demark.
It is a compounded inpulse wave 5. The clue is how you mentioned that wave C was too weak to do any damage. Support holds, then volume fades, then comes the hook, and off it goes....