Basic bearish Elliot wave structure
Updated
Here's the basic impulse wave pattern we tend to find inside of a bear market. Our best trading opportunities come positioning high into the W top area of correction and looking for profit targets and short term reversals after the completion of the second strong fall.
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Bump because I think Elliot bear pattern may be useful again now. Bull has been better for 2023 so far but it might be failing.
Comment
Second bump. In October of 2021 I posted the bear template to show how to follow a bear move.
In November of 2022 I followed this up with the bull template to trade bull moves.
Recently, in September of 2023 I again said I think the bear template is in play.
And I am reiterating that now. At this point in time, I think it will really benefit people to understand how bear market structure forms.
Comment
My 2021 squiggles (Based on Elliot's 1930s squiggles) look exactly like the 2022 and 2023 chart does. What are the odds of that? Like, statistically.
Unlikely huh. Unless Elliot had a point.
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