discovered that price action displayed on charts, instead of behaving in a somewhat chaotic manner, had actually an intrinsic narrative attached. Elliott saw the same patterns formed in repetitive. These cycles were reflecting the predominant emotions of investors and traders in upward and downward swings. These movements were divided into what he called"waves". Elliott adopts the 3 impulses and 2 corrections of the, but achieves a higher precision.
Although the variability of forms represents a real challenge for any Elliott's apprentice, it is important to distinguish between an impulsive and corrective wave. And here lies another big lesson from Elliott: in recognizing thatIn the midst of a corrective pattern, it is common that patience is exhausted while waiting for confirmation of a trend change. So we must give corrective patterns the time to unfold before wading into the market.
Peter Kendall joins John O’Donnell and Merlin Rothfeld for the Weekend Edition of Power Trading Radio to talk about Elliott Wave principles. These waves not only impact the financial markets, but can be applied to social elements like Music, Art, Movies and more. This discussion of Socionomics looks at how these trends are working now and how they may drive markets going forward.
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