Focus in this post and the Elliot wave theory
In this post is the focus on the triangle pattern in an Elliot wave; the focus is also on possible entry in an Elliot wave with a triangle pattern. The article “Trading Forex Online? What Are Elliott Waves?” described the theory; just to make the theory more understandable is the theory illustrated in the images.
The impulse and corrective waves
The first image illustrates the Elliot wave theory; the impulse and corrective waves; the image illustrates also the pattern in the waves.
The corrective waves
The corrective waves are on the first image placed as a correction just after the last impulse wave; wave number 5. On the image below is the corrective waves also placed between the impulse waves as an A, B and C pattern.
In the image is the corrective pattern illustrated as an A, B, C pattern; the pattern is a “zigzag” pattern but could also have been a “flat pattern” or both; a “zigzag” and “flat pattern” as in a triangle pattern.
A triangle pattern is an A, B, C, D and E pattern that ends with a breakout; in the image is the triangle pattern between the 3 and 4 impulse waves; a good place to enter a trade as the impulse wave; number 5; isn’t the shortest of the 5 impulse waves.
If the price develops as the theory describe an entry is made at E4.
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Elliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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