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Elliot Wave Explanation (I) ~ live Example CrudeoilFibonacci Extension & Retracement Ratios: • Wave 2 – Retracement ◦ 50%, 61.8%, 65%, 78.6%, or 88.6% of wave 1 • Wave 3 – Extension ◦ 161.8%, 200%, 261.8%, or 323.6% of wave 1 • Wave 4 – Retracement ◦ 14.6%, 23.6%, or 38.2%, 40% of wave 3 ◦ Ideally it should not exceed more than 50% ▪ If wave 4 does exceed 50% of wave 3, consider a different count, but do not rule it out • Wave 5 – Extension ◦ Equal (100%) to wave 1 ◦ Wave 5 is 61.8% of waves 1+3 Rules: • An impulse consists of 5 internal waves. • Wave 1 and 5 always have to be an impulse, or a diagonal (Leading for wave 1 – Ending for wave 5) • Wave 3 always has to be an impulse. • Wave 3 can never be the shortest wave ◦ It can be shorter than wave 1 or 5, but never the shortest • Wave 2 cannot retrace more than 100% of wave 1 • Wave 2 can be any corrective pattern ◦ Except a triangle • Wave 4 can be any corrective pattern • Wave 4 can never move beyond the end of wave 1 (Otherwise it is a diagonal) Guidelines: • Wave 1 is the least common wave to extend • Wave 5 should end with momentum divergence (RSI is the simplest oscillator to spot this) • Wave 5 can fail to go beyond the end of wave 3 ◦ This is called truncation, but it is not very common ▪ Truncation gives warning of underlying weakness or strength in the market • Wave 3 usually has the greatest extension ◦ Occasionally two waves will extend ▪ Never will all three waves extend • When wave 3 extends, wave 5 tends to equal wave 1 in length • Waves 2 and 4 tend to create alternation between each other ◦ See last page for more details on alternation • Wave 2 typically retraces to deeper levels of wave 1, than wave 4 does relative to wave 3 • Wave 2 usually forms as a zigzag or double/triple zigzag • Wave 4 usually forms as a triangle, double/triple threes, or at • Extended waves can contain exaggerated subdivisions within them • Usually two of waves 1, 3 & 5 exhibit a Fibonacci ratio • Channel lines and Fibonacci targets are inferior to the wave count • In most cases, wave 3 has the highest volume ◦ If volume during the 5th wave is as high as the 3rd, an extended 5th wave is expected
MCX:CRUDEOIL1!Long
by rkmatre
KISS the Channel Pattern I'm new to posting my ideas here. However, after watching the market for quite a while, I believe that simplicity in this market is the best indicator. Keep It Simple, using simple pattern formations like 'Head and Shoulders,' Pennants, Wedges, and Channels will help to determine which direction the market is going from big scale to small scale, depending on whether you're a long-term or short-term trader. Indicators that I use are basically the simplest crowd sentiment indicators, but these are the simplest kind because these markets are directly a result of sentiment. There is nothing else to drive these markets. There are no earnings. There are no profit/loss statements. There's only market cap and sentiment. So if we use the simplest indicators to indicate the sentiment of what's going to happen in this Bitcoin market, we watch Bitcoin moving along in an upwards channel after a consolidation period. You can see another simple pattern forming - a pennant. And if you watch the market closely, you'll notice that the small pennant forming along the inside channel will sort of indicate that consolidation to the lower side of the channel, and this gives you a quick indication as to which way the sentiment on the market is going to go. Watch for this pennant to form and break out to the up or down side of it to give you a quick look at which way the market's going to go over the next day or two.
COINBASE:BTCUSDLong
by frogwraps