Basics of Elliot Wave Theory
The chart-1 explains how the Stock Prices,Gold Prices,Currency Rates move in waves in a long term.The first of the three figure in chart-1 explains that we will have 5 waves 1,2,3,4,5 and then 3 waves A,B,C in any price movement in Long Term.The 5 waves are divided into 3 waves up ie 1,3,5 and2 down corrective waves 2,4 .3 waves A,B,C are subdivided into 2 waves down A,C and one wave up B.
Other 2 figures in chart-1 explains the future price action after C wave .
Chart-1(Elliot Waves) Click to Enlarge the image
The second Chart is the dollar Rupee Price movement from April'2008-till date when dollar made low around 39 and then moved to 52 and then back to 46.The price movement is exactly similar to the above explained theory as shown on the chart. with 5 waves and 3 waves A,B,C that is correcting the 5 wave upmove.
Chart-2(Dollar-Rupee) Click to Enlarge the image
This is how I predicted dollar move from 39 to 52 and move back to 46,which I believe anybody can learn to do.What's next?
References:
For more information on Elliot Wave Theory ,Refer below
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