WORKING WITH A WAVE
PATTERN
OR ID 11 12 01 03 OH 05 Ob 01 O! Oq 11 12 01 02
03 04 Ob 01 OS OR ID II 12 02 03 04 05 C 01 11 Ib 20 25 21 OH 02 13 11 22
Zb 30 04 OR 13 11 2H 22 02 01 11 15 20 2H 21 02 OR 13 12 :
SUISSE FRANC 55/98.H 63.1-2.9( 4.6X): 60.2 1=
9.11 Ml 10: .618 D1R=+1
Figure 3-1 5-wave swing on weekly Swiss franc chart from 07-07-89 to 06-30-92.
(Source: Trade Station, Omega Research, Inc.)
Following this path, the weekly chart of the Swiss franc was
chosen to demonstrate a 5-wave swing (Figure 3—1).
In Figure 3-1, the 5-wave swing is comprised of:
• Wave 1 from
79.80 to
70.12
• Wave 2 from
70.12 to
74.31
• Wave 3 from
74.31 to
61.95
• Wave 4 from
61.95 to
70.48
• Wave 5 from
70.48 to
55.25
PREDICTING THE END OF WAVE 5
USING A TREND CHANNEL
Elliott tried to forecast the end
of wave 5 by working with trend channels. In an upward movement of five waves,
a base line is drawn across the ends (lowest prices) of wave 2 and wave 4. A
parallel line is then. (FOREX 101)
Forex Art Of Fibonacci (Forex 101)
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Forex Art Of Fibonacci (Forex 102)
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