The_trading_globe

The_trading_globe

Elliott Wave Cycle is formed up of a total of 8 waves (5+3 waves). Waves 1 to 5 are counted in the Impulsive phase. Waves A to C are counted in the Corrective Phase. 3 Golden Rules of Elliott Wave: 1. Wave 2 cannot overlap wave 1. 2. Wave 4 cannot touch the territory of wave 1. 3. Wave 3 can never be the shortest.

The_trading_globe

The trend is an uptrend. I have drawn a parallel channel. In it, the gravitational line is acting as a resistance line. The upper boundary and lower boundary has excess. Price is moving out of the parallel channel creating the excess points. The support points of the parallel channel are buying points .