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Basically, The Elliott Wave Principle is a form of technical analysis
that traders use to analyze financial market cycles and forecast market trends
by identifying extremes in investor psychology, highs and lows in prices, and
other collective factors. He proposed that market prices unfold in
specific patterns, which practitioners today call Elliott waves, or simply waves.
The Elliott Wave Principle posits that collective investor
psychology, or crowd psychology, moves between optimism and pessimism in
natural sequences. These mood swings create patterns evidenced in the price
movements of markets at every degree of trend or time scale.
In Elliott's model, market prices alternate between an
impulsive, or motive phase, and a corrective phase on all time scales of trend,
as the illustration shows. Impulses are always subdivided into a set of 5
lower-degree waves, alternating again between motive and corrective character,
so that waves 1, 3, and 5 are impulses, and waves 2 and 4 are smaller retraces
of waves 1 and 3. Corrective waves subdivide into 3 smaller-degree waves
starting with a five-wave counter-trend impulse, a retrace, and another
impulse. In a bear market the dominant trend is downward, so the pattern is
reversed—five waves down and three up. Motive waves always move with the trend,
while corrective waves move against it.
Five wave pattern (dominant trend)