Practical Elliott Wave Trading Strategies Part 2
Robert Miner, Dynamic Traders Group, Inc.
Part one of this tutorial series taught the most important question related
to Elliott wave analysis – Is It An Impulse Trend Or A Correction? The
assumption for this tutorial series is that all subscribers have a basic Elliott
wave background as taught in chapter three in the Dynamic Trading book.
The next few tutorials will look at the recent and current position of a
number of markets to see what we can learn about the trend position and
potential reversals based on the pattern position.
Each tutorial will dissect just one market and the recent data to see
how the pattern position has unfolded in recent weeks and days. The best
learn experience is always with current examples as we can then see how
the market unfolds related to how we view the current pattern position and
what should be the outcome.
As you will see, the pattern and trend position is not always clearly
defined, but, we can usually use the EW pattern analysis to identify the
specific market activity that will confirm or invalidate the probable pattern
position.
It’s Either One or the Other
The pattern position is not always clearly defined. Sometimes a market
reaches a juncture where the sub-divisions of the pattern position indicate
it is either a correction or an impulse. When this is the case, Elliott wave
pattern analysis will usually provide the specific market action that will
confirm which of the potential patterns is most probable and how the
market should follow through.
Read next >>> What’s Next?
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