My view after two years (Sharp correction pattern)
Hi there,
I wanted to share my thoughts on Sharp's corrective pattern with you. I have been studying this pattern for about two years now and it follows three basic rules. The pattern consists of five waves that are similar to the impulse pattern. Based on my personal experience, this pattern can also be labeled as a triple zigzag (W-X-Y-X-Z).
While analyzing different markets, I found a similar number of this pattern and often labeled it as an impulse pattern by following the rules. As per the wave principle, after the completion of five waves, we look for three corrective waves which may also become more complicated. However, we then look for five more waves to complete a good zigzag pattern. But the market often surprises an analyst at this point.
I hope my explanation helps you understand Sharp's corrective pattern a little better.
Good luck!
https://www.tradingview.com/chart/DX1!/kyK7um1G-Sharp-corrective-pattern-DXY-becoming-stronger/
I wanted to share my thoughts on Sharp's corrective pattern with you. I have been studying this pattern for about two years now and it follows three basic rules. The pattern consists of five waves that are similar to the impulse pattern. Based on my personal experience, this pattern can also be labeled as a triple zigzag (W-X-Y-X-Z).
While analyzing different markets, I found a similar number of this pattern and often labeled it as an impulse pattern by following the rules. As per the wave principle, after the completion of five waves, we look for three corrective waves which may also become more complicated. However, we then look for five more waves to complete a good zigzag pattern. But the market often surprises an analyst at this point.
I hope my explanation helps you understand Sharp's corrective pattern a little better.
Good luck!
https://www.tradingview.com/chart/DX1!/kyK7um1G-Sharp-corrective-pattern-DXY-becoming-stronger/
