I’m not even sure if this qualifies as an impulsive move, but at least it seems to follow the basic rules I’ve written in the chart.
For me it looks like a “failure of wave 5”, and it also has this current retracement that has almost reached the end of wave 2, as if the trend was exhausted.
However, I read this answer in neowave: Can a Terminal impulse end with a 5th wave failure? It says that To see wave-5 of a Terminal fail, wave-4 must retrace at least 61.8% of wave-3, which in this case does not happen.
So wanted to ask:
- I know the subwaves are missing, but would you count this wave like this or something else?
- If it’s not a wave 5 failure, what does it look like?
- How do you trade a 5th wave failure? Was the bulish engulfment at the end of wave 5 a good indicator that experienced elliot traders would have taken?
- What about an entry when 2-4 trendline was broken?
- Any other trading approach?
thanks!!
Hi Averied,
Good To know someone interested in Elliot wave.
But let me tell you first, I’m no master of Elliot Wave trader. but at least i can make small profit every year using elliot wave in my point of view. Some of the people agree with me but some not.
O.k First Thing first. below is the picture what i call how i calculate the wave:
O.k here my opinion about elliot wave why many people fail to use this theory.
-
Elliot could not be used alone. The elliot wave purpose is for analysis and must be used by other indicator such as fib, trend line, stoch, etc.
-
Many people over thinking about the theory in the book. in real chart I’m not bound by the theory by the book. but i make the theory as a basic analysis.
the truth Correction can make 3 to 5 waves and impulse can make 3-5 waves also. But how we can differentiate impuses and correction?
Just check at the chart. impulse often show me long candle with fast movement. the correction is most likely short couples of candle and would take longer time than impulse.
-
I barely enter position in Wave A or Wave E except for advanced pattern strategy (yeah!! Advanced pattern is made from the Waves Bro) . i always enter in the middle of the wave. most of the time I entering my trade in wave C. no one knows where is the limit of the price. even you already see that the price is going down in ridiculously level. don’t ever think that it will not go down again.
If someone knows where the start and the end of the waves. Man… than he or she, is one of a hell super duper rich person who can control world economy Or can see the future.
O.k i think that’s all from me,
Hope you gain something.
Good Luck and Keep Learning.
