AS Chakravarthy NCFM Academy Hyderabad Stock Market Technical Analysis : Elliot Wave Theory
Stock Market Technical Analysis Courses Hyderabad Ameerpet,
Elliot wave Theory is widely accepted in technical analysis named after Ralph Nelson in 1920ís.
The Elliott wave indicator is a popular tool that allows traders to predict the repetitive and cyclical nature the currency market. Elliott Wave theory that is seemingly disorganized behavior of the different financial markets isnít actually not organized. In fact the markets move in predictable, repetitive cycles or waves. These waves are a result of influence on investors from outside sources primarily the current psychology of the masses at that given time.
Elliott wave predicts that the prices of the traded currency pair will evolve in waves: five impulsive waves and three corrective waves. Impulsive waves give the main direction of the market expansion and the corrective waves are in the opposite direction.
Elliot wave traders use their wave count in combination with Fibonacci number to predict the time span and magnitude of the future market moves ranging from months years and decades.TO KNOW OUR Technical Analysis Training in Hyderabad Please Visit AS Chakravarthy NCFM Academy Hyderabad.
How Elliott Waves Work
Elliott Waves Theory consists of impulse and corrective waves at its core:
==> Impulse Waves Ė This consists of five sub-waves moving in the same direction as the trend of the next largest size.
==> Corrective Waves - consists of three sub-waves moving in the opposite direction as the trend of the next largest size.
==> Wave 2 can retrace more than 100% of wave1, wave 4 can now enter the price territory of wave 1 , wave 3 is now the shortest wave.
How to Read Elliot Waves
In order to identify an Elliott wave the pattern must satisfy the following conditions:
Wave 1 > Wave 2 < Wave 3 > Wave 4 < Wave 5
A corrective component consisting of three waves implies a countertrend in the opposite direction to its preceding impulse pattern.
The corrective pattern then must satisfy the following conditions:
Wave A > Wave B < Wave C
There are other patterns within Elliott waves but the impulse and the corrective components are the most used ones when it comes to technical analysis of trends.
Elliot Wave Theory has detractors like many other theories in technical analysis. Even accurate counts traders will need to re valuate and adjust counts as new price information emerges.
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