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The Elliott Waves Concept
Elliot waves concept is a powerful concept of the financial markets. It has been invented by R. N Elliott who identified that the financial markets move in waves.
R. N. Elliott has ovserved that the financial markets during a bull markets moves up in a 5 wave pattern, 1st wave up then 2nd wave down then 3rd wave up then again 4th wave down and finally the fifth wave down. He also observed that after an upmove the market corrects in a 3 wave downmove, A-B-C.
What Is Elliott Wave?
I have already written a basic post on elliott waves at my earlier post: What Everybody Ought to Know About Elliott Waves? So you already know that elliott wave theory are a five wave pattern that happens in the financial markets. The five wave pattern in any move is called the impulsive wave and that is followed by a 3 wave corrective move, also called as the corrective waves.
The Elliott wave was discovered on the decade of Nineteen Thirties by R. N. Elliott, from his research