Elliott Wave and Fibonacci retracement

Elliott Wave basic
1. impulse wave (5 sub waves or leading diagonal)
2. corrective wave (corrective patterns)
3. impulse wave (5 sub waves or extended 5 sub waves)
4. corrective wave (corrective patterns)
5. impulse wave (5 sub waves, extended waves, ending diagonal or failure)

Elliott wave rules
1. wave 2 does not fall below the starting price wave 1 (point 0)
2. wave 3 is not the shortest wave by price movement
3. wave 4 does not overlap the range of wave 1.

Fibonacci Retracement
0.00 - point 1 (the starting price of wave 1)
38.20 - turning point
50.00 - turning point
61.80 - turning point
100.00 - point 2 (the ending price of wave 1) (break out confirms dow theory)
127.20 - short term target
161.80 - common target
261.80 - extended target
361.80~423.60 - long term targets

Fibonacci extension
point 1 - the starting price of wave 1
point 2 - the ending price of wave 1
point 3 - wave 2 (0.00)

تعليق:

youtu.be/uqB_a6iOxOk