JSWSTEL, Real-Time illustration of complete ElliottWave-Cycle!For the ElliottWave-Cycle, kind of behavior appears in two different forms on a market chart:
The impulsive move
The corrective move.
Motive Cycle:
The impulsive waves can occur both in an uptrend and a downtrend . Impulse Elliot wave theory summary;
It takes the form of 5+3 wave = 8 Wave patterns.
It has the three waves 1, 3, 5 moving in the direction of the trend, the motive waves, and two waves 2 and 4 which move against the trend.
Waves 1, 3, 5 can further be divided into five smaller wave s each while 2 and 4 into 3’s.
Corrective Wave Cycle:
The corrective wave comprises 3 waves moving in the opposite direction of the initial trend. Corrective patterns Elliot wave theory summary;
This wave pattern can never move beyond the origin of the previous impulse wave.
The letters a, b, c are used to label these waves respectively.
=================RULES======================
The 3 main Elliot wave rule s trading Elliot wave.
Wave 2 never retraces 100% of wave 1
Elliot Wave 3 is never the shortest wave in a completed 5 wave sequence.
Wave 4 cannot retrace into wave 1
