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What is Understanding Elliott Wave Basics about?

Elliott waves theory states that markets move in 5 wave patterns, with 3 waves in the direction of the trend (impulse waves) and 2 waves against it (corrective waves). The 5 wave patterns cause markets to trend while the 3 wave patterns allow for corrections within the trend. According to Elliott waves, these patterns are driven by group psychology and the interplay of fear and greed among market participants. The theory provides several rules for identifying waves, including that wave 2 will never retrace

Author

SATISH

Language

EN