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Strategies & Market Trends : Technical Analysis With Charts

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From: MACD X	9/17/2005 9:41:19 PM
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ELLIOTT WAVE RULES AND THEORY stockcharts.com[g,a]daclyyay[d19900827,19930803][pb50!b200][vc60][ild20][J57743481,Y]&listNum=1 Elliott wave is a popular tool in determining how far along we are in a trend. Combine this tool with a balance point or a reversal triangle projection and you get great signals. Elliott wave can be counted on almost every stock and is worth tracking because of this. When the trend ends there will be a logical count. Identifying the count is difficult although while it is progress but when used with the other tools not so difficult. These are the rules 1. Wave three is usually the longest but never the shortest 2. Wave four cant surpass wave two 3. The rule of alterations. If wave two is a flat correction then wave four should be expected to be a zig zag. 4. The look right rule. Meaning that the count must look right. Many counts are posible but are way out of wack and they just dont look right. NOTE. I is my personel experience that wave fours have a destinct look to them in that they are usually large and drawn out and is recognizable

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