"Running correction usually elliott wave 2 or 4 Strong impulse move should follow."
These rules can not be change or fixed at any circumstances.
Some basic "guidelines" about Elliott Waves. I hope that somehow help to understand how the market really moves. This is an "update" to my previous published educational chart about Elliott Waves - link below Safe trades;
FX:EURUSD Notes for beginners; Safe Trades; open.spotify.com
Hello, i want to share with you my prefered areas where i look for setups using EW. This is a simplified chart of an impulse followed by a correction. Sometimes its as simple as that, sometimes is very complex. Since i started using EW i found very profitable setups real-time. Im showing an example for each setup below. Our work is to find a clear wave...
iMPULSE LEG: Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave 1 gains; Can never exceed the start of wave 1); wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave); wave 4 = 38.2% of wave 3 (can never overlap wave 1 ); wave 5 = wave 1 CORRECTiON: Wave A = usually around the 50% or 61.8% of wave...
It's not a trading idea, more of a a history lesson :-) Today while browsing the web I stumbled upon a well known story how Soros and his friends heavily shorted the Pound in 1992 and forced the government into surrender, pocketing more than a billion USD of gains. For the British Pound, this can largely be viewed as a black swan event - however, if we look at...