Educational - learning to count Elliott Waves - Ep.1 standard corrections, BCH style
When I saw BCH do this perfect standard ABC correction, I thought I should do an educational post about wave counting.
What I am about to present to you is the easiest type of correction, that I have found thousands of times in any possible chart.
This is the current 5 minutes chart in BCH:
You can download this pic, or maximize it, if it appears too small.
At the start of a correction, you almost always see 5 waves down (or up, if you are in a downtrend). There is only one very rare exception to this which you don't need to know about now.
So I expected this to be wave A with a wave B following directly afterwards. At 19:15 UTC wave B was done, so I expected another 5 waves down to complete the standard correction pattern (wave C).
Waves A and C consist of 5 waves, while wave B only consists of 3 waves (waves a,b,c)
Hope this helps you getting started and interested in Elliott Waves. Stay tuned.
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Please do more of these kind of posts, They are really helpful.
Excellent post. I upvoted and reseemed at your post.
the right method, can help the understanding of learning quickly.
Funny I was checking on internet how to count perfectly the Elliot waves.
I read that MACD could help you get the wave 3 more accurate
Also that they are 3 mains rules :
Otherwise it means a re-count.
Are you agree with these rules? =)
Yes, theese rules are correct. This is advanced stuff, but wave 4 can actually overlap with the top of wave 1 in a leading diagonal triangle or an ending diagonal triangle. Actually theese are patterns that require the overlap.
I don't use MACD, because I don't use indicators for the most part. Sometimes to confirm a count if I am doubting but not often.
Thank you for the tip =)
Usefull writing... thanks for
very informative, thank you very much for this article!
This post has received a 5.81 % upvote from @sleeplesswhale thanks to: @steem-buzz.
Congratulations! In addition to the vote from @randowhale, you also received a vote from @randowhaletrail!