Trade Setup with Elliot Waves
This is an example of how you can use Elliot Waves to enter a trade.
The bigger wave is wave (1) which consists of 5 waves. Now, for wave (2), a WXY pattern happened in a parallel channel. It can also be called a double three pattern.
Wave (2) reached 50% of wave (1). 50% - 60% is typically where corrections end.
After that, we can see a sharp rise up. This is wave 1 of wave (3). We can be confirm that it is wave 1 by seeing that it broke the channel of the WXY patterns.
We can use this to enter a trade at and wait for wave 3 so that we can exit.
The bigger wave is wave (1) which consists of 5 waves. Now, for wave (2), a WXY pattern happened in a parallel channel. It can also be called a double three pattern.
Wave (2) reached 50% of wave (1). 50% - 60% is typically where corrections end.
After that, we can see a sharp rise up. This is wave 1 of wave (3). We can be confirm that it is wave 1 by seeing that it broke the channel of the WXY patterns.
We can use this to enter a trade at and wait for wave 3 so that we can exit.
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