Elliott Wave background
In the 1930s, R.N Elliott identified the price of the stock trends and reversed a specific pattern. This pattern is repetitive in form and, the patterns have predictive value. He decided to use this pattern (Elliott wave theory) to predict the market. The Elliott wave is not primarily a trading system. It is a detailed description of...
Elliott Wave Methodical Structure
This is a motive cycle of the Elliott Wave in which you can observe waves 1,3 and 5 are in direction of a trend. Wave 2 and 4 are against the direction which is called a "Corrective Wave".
Five-wave structures, numbered (1)-(5).
In the direction of the main trend of one larger degree.
Wave 2 cannot retrace at the starting...
![ITC: Part [A] Basic of Wave Principle](https://s3.tradingview.com/t/tQEg0Nuu_mid.png "Part [A] Basic of Wave Principle")
