GIBBS911
OptiLife Consulting
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ELLIOTT WAVES
Jen won't go into the details of Elliott waves, and we won't go into all the different patterns and possibilities.
We will stick to what serves us in our strategy, namely, understanding the music of graphs.
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ELLIOTT waves describe repeating patterns that allow us to "predict" the next wave direction, bullish or bearish.
As you can see we have in an uptrend, 5 waves that make up the impulsive.
Wave 1, Wave 3 and Wave 5 are going up. The 3 is never the smallest.
wave 2 and wave 4 are corrective.
In general, if we have a weak wave 2, we have a strong 4, and vice versa...
You can use fiboacci to get the different levels, but we won't use them in this strategy. You can of course integrate them.
Each wave is itself composed of several waves as you can see in the image on the right. It all depends on the time unit in which you are working.
The waves that take shape by numbering themselves on the screen do so with a little delay. It is important to spend a few hours watching the chart being created, and understanding the sequence of arrival of the indicators before entering a position.
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Sometimes waves 1 and 2 will display and draw with a delay at the start of wave 3.
This is why it is important to watch the graph take shape in 1 minute, to fully immerse yourself in the logic of the appearance of the indicators.
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In the downward phase, the pattern is reversed, and the impulsive is bearish in 5 waves for 3 bullish corrective waves in ABC.
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