Most sought after question by Elliot wave structure learners is ....
1. How can we identify a single wave : " The length of wave is the lowest degree is its travel in one direction 'WITHOUT ANY SORT OF CORRECTION' even in hourly record" " The complete measurement of the wave is therefor its continues travel between two corrections of the same or greater degree"
To help you with I found few definitions by elliott's own word. I hope these words will shed light on how to identify a single wave. (...As in the lines of his very famous Financial World Articles.) To understand wave theory in the words of its originator....pls do a google search " The Major Works of R. N. Elliot" You will land in PDF version of the same after few clicks in listed search results. Pls send me private message if you can't locate the one.
WHILE COUNTING WAVE NUMBER IT IS VERY IMPORTANT TO EXPLORE POSSIBILITY OF 'WAVE EXTENSION' if you skip this will never land correct sequence.!!!
PLS make chart as yours using make it main option and explore in lower degree..
I am new around here but had been trading for the last one decade. Your saying of "identification of wave" has drawn my attention and it has helped me a lot. I am more interested in the corrective waves, if you may like to extend your help.
protrader83
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@ZOHAiB.mech, hello, good to know you are learning, we are in the same boat; kindly read Elliot's own financial world essays- articles; I read over 10 times it's in simple English; also read Mastering Elliott Wave Principle by Constance Brown. All are avaiable internet for (free). Also I watched Bill Williams videos in YouTube those were I openers. I used to make money in trending market but loosing all in corrective phase. Now myself restricted to trading A wave when spotting divergence in awesome oscillator and successful counting of 5 waves ...it's a sure trade but very very less chance to fail and we have plenty of symbols to trade... Seasons greetings ...!
zohaib.mech
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@protrader83, Thanks for your reply. i am now going through the basic content once again as the knowledge and vision get depleted with so many ideas. The best way is to revisit the basics...I will share my experience and will seek help from you.
oaa37
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Hello protrader83,
I have a question in regards to the correction wave. I have a big problem in understanding when to label WXY and ABC. For example we can have a WXY move on a smaller degree so do we label the higher degree W or Wave A?
protrader83
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@oaa37, when A-B-C repeats, we go for double three (w-x-y), triple three(w-x-y-x-z), [ w will have A-B-C, X will have A-B-C, Y will have A-B-C)...
protrader83
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@oaa37, when A-B-C repeats, we go for double three (w-x-y), triple three(w-x-y-x-z), [ w will have A-B-C, X will have A-B-C, Y will have A-B-C)...
I am new around here but had been trading for the last one decade. Your saying of "identification of wave" has drawn my attention and it has helped me a lot. I am more interested in the corrective waves, if you may like to extend your help.