Looking for Assistance with Elliot Wave's

Hi

I am Greg and a relatively new live trader.

Spent a long time with a Demo account not getting anywhere until the end of June last year when I spotted something I had never noticed previously. Wondered about this pattern I was seeing and checked across all time frames, currencies and backwards as far as I could go into historical data. In every case I saw the same pattern or variation of the pattern in the data and realised that I could trade from this with reasonable certainty after working out what would happen to direction at the end of the triangle. I have been using this as part of the basis for my practice trading and now live trading ever since.

This radically turned around my practice trading and took my practice account from being (after 7+ years practice) really quite small at a little over $18k almost back up to the starting point of $100,000 in just four months.

Subsequently found out that I had seen corrective wave triangles which forms part of the Elliot Wave Principal as described in Elliot Wave Principal by Frost & Prechter.

What I am looking for is someone who has a real deep grasp of The Elliot Wave Principle to help me understand first, third and fifth wave extensions and how to tell them apart. Are there any basic rules of thumb I can use as a guide to get me started. I am prepared to put in the time and effort to learn if someone can point me in the right direction.

Kind regards

Greg

Hi yolk46

what kind of help are you looking for?

walker

Hi Steve

Thanks for your reply.

I am looking for clues on the differences between First, Third and Fifth wave extensions.

What are the differences between them?

What makes a First wave extension different from a Third or Fifth wave extension?

From my studies I can see extensions in both Bull and Bear markets, some with counts which are quite something to behold such as the situation on the hourly chart for AUD/CHF pair last week with 9 waves down, turning back up for a 7 wave bull if you count today's price action into the mix.

The forth wave is a symmetrical top declining bottom rising correction and eighth wave is a zigzag.

The 9 bear waves down are an Elliot Wave Principal extension. What I am trying to understand is which wave is the extension.

1st
3rd
5th?

What is it that defines the extension and is there a way to potentially predict this in advance.

Thank you for your assistance with my understanding in advance.

Greg.

it depends.these actions occurs on different time frames for long and short as well so when you say you're looking to spot this on a chart you have to b a bit more specific.place a fibo setup on your chart anytime you're trying to spot these levels.i use it to get more clarity there's also a support/resistance zone when the fibo zones forms a confluence with your elliot setup,if you do this you just maybe be able to spot one or two things.

Regards