THE ELLIOTT WAVE PRINCIPLE
Figure
2-8 Trend channel to forecast the end of wave 5.
5
5^
Figure 2-9 (a) Wave 5 exceeds the parallel line of trend channel on arithmetic
scale; (b) wave 5 touches parallel line of trend channel when graphed on
semi-log scale.
SUMMARY
The Elliott Wave principles are
brilliantly conceived. They work perfectly in "regular" markets and give
stunning results when looking back at the charts. The most significant problem
is that market swings are irregular. This makes it difficult to give definitive
answers to questions such as:
•
Are we in an impulse wave or corrective wave?
•
Will there be a fifth wave?
•
Is the correction flat or zigzag?
•
Will there be an extension in wave 1, 3, or 5 ?
Forex 101.
Forex Art Of Fibonacci (Forex 101)
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Forex Art Of Fibonacci (Forex 102)
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