elliot wave labelling

30 Tem 2021

labelling done using following rules

for impulse

1)wave 2 should not retrace wave 1 entirely
2)wave 3 cant be shortest
3)wave 4 cant enter wave 1(except diagonal)

for flat with truncated wave c

1)wave b should at least retrace wave a by 80%
2)wave c should at least reach 61.8% extention of wave a.

for zigzag with truncated wave c

1)wave b should not retrace more then 61.8% wave a
2)wave c should atleast reach 61.8% wave a extention.

correction completion 2 stage confirmation rules

1)stage -1 confirmation: 0-b trendline must breach in less time than wave c took to form
2)stage -2 confirmation: wave b should also be taken out or crossed in less time than wave c took to form.

Labelling information

cycle degree: yellow
primary degree: white
intermediate degree: red
minor degree: green

apply fib rules for wave 2,3,4,5,b,c waves targets and trade accordingly by following a trade plan which gives entry and exit signals with target and stop-loss and follow risk management for effective trading results.