THE ELLIOTT WAVE PRINCIPLE
Elliott noticed that the standard type of corrections
were not enough to cover all market actions. Therefore he added the complex
corrections, which he describes as:
1. Minor correction of three waves
2. Double sideways correction with seven waves
4 6 /'
3. Triple sideways corrections with seven waves.
Elliott made the statement, "It is possible however to
know when elongated wave c will occur by understanding the rule of alternation"
(p. 51). It is not clear that it is possible to forecast wave c; and if it were,
it is not obvious that this rule is of any value for the investor. The
corrections are so complex that it is impossible to determine, in advance, any
of the following essential points:
• The length of wave c
• The current state of the correction (i.e., is this a simple, double or triple
formation)
• What wave will come next.
Elliott never indicated either a definitive entry or exit rule to use when
trading. This means that the trader must use subjectivity and initiative to
implement Elliott's ideas. Forex 101.
Forex Art Of Fibonacci (Forex 101)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15. 16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30. 31.
32. 33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44. 45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63. 64.
65.
66.
67.
68.
69.
70.
71.
72. 73.
74.
75.
76.
77.
78.
79,
80.
81.
82.
83.
84.
85.
86.
87.
88.
89. 90.
91.
92.
93.
94.
95.
96.
97.
98.
99.
Forex Art Of Fibonacci (Forex 102)
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114. 115.
116.
117.
118. 119.
120.
121. 122.
123.
124.
125. 126.
127. 128.
129. 130.
131.
132.
133.
134. 135.
136.
137.
138.
139.
140.
141.
142. 143.
144.
145. 146.
147.
148.
149.
150.
151.
152.
153. 154.
155. 156.
157.
158.
159.
160.
161.
162.
163.
164.
165. 166.
167.
168.
169.
170.
