Curious about your wave construction. How do you identify the starting point for the initial wave?
Posted using Partiko Android
Curious about your wave construction. How do you identify the starting point for the initial wave?
Posted using Partiko Android
Good question. I look for the lowest point. It doesn't have be the lowest point for the history; but within that time frame. Form there, I look for impulse or corrections.
Since waves are fractals that occur at all degree of times at the same time; there is always an impulse or correction in progress.
So as long as from that starting point onward it makes a 5 wave combo, it's a valid starting point?
Posted using Partiko Android
Yes, but it doesn't always go to five as it can morph into a 3 or a combination. Check out the book: Elliott Wave Principles by Frosst and Prechter.
I've gone through it, and I use waves just to ascertain the stage of the cycle the stock is in. I personally believe sentiment and price action are key drivers but I'm slowly learning the discipline of EW and refining my technique. Thanks @haejin
Posted using Partiko Android