One Can have an visual understanding after viewing it with trend line placed , with out trend line it looks simple a Monthly chart , Here i am trying to say that basically trend line is only for what kind of pattern we are looking in the chart , they do not mean any kind of support Or Resistance , do Elliott wave theory works in the real time market ? answer is yes , but Not as text book example , they do represents the mass participants psychology on real time but there will be always a deviation in theory and actual results Few Guidelines laid by R N Elliott here i would like to repeat , 01) Wave 3 can never be shortest , if shortest then it should be higher then wave 1 , this term meets here as you can view it 02) when Wave 3 is shortest there is high likely price will make an extended wave in wave 5 which again you can see it What is visually represented here is Wave 5 formed a Leading Diagonal(with in sub waves) and the entire structure of all Impulsive 5 wave form 1 to 5 Wave on Major degree you can see visually it formed Leading Diagonal so in my view we can get pattern they repeat them self in the stock market , and some time they end up in very complex structure So does Wave theory works ?? my answer is most of the time it gives the indication and the direction of the trend and it helps us to take better trade way before the market makes their move Good Luck Keep learning and please do not pay for some one who does not have Proper knowledge and they are running some telegram channel , Google Basic Elliott wave Principal and download it and read it at least for 5 Time so that you can start understanding it and practice by publishing the charts here in Trading view which is off course free , you will get the results and you can stay in the better trading decision , Many asking from Many days do i teach , i did use to teach but now my commitments are more so i can not get the time for teaching , So wish you Good Luck
"IMHO, one of the EW rules has been violated in the chart.. "Wave 4 does not overlap with the price territory of wave 1". But in your count I see its well below the wave 1.
I-Fund-Trader
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@manivannang, Learn well before you comment on some one chart , if you dont or cant read the description in clear then go back to school and try to learn how to read the description, and regarding Elliott wave if you know fully then you should not be making this comment , I have clearly written as Leading diagonal , they are not regular impulsive waves , and pattern with in it has also a leading diagonal , dont wast my time go with your own analysis , dont visit my charts