The Elliott Wave theory is a complex but powerful tool for technical analysis, often condensed into "cheat sheets" for quick reference. These resources, such as the Elliott Wave Cheat Sheet (Mento)
- Waves: Prices move in waves, which are divided into two main categories: impulse waves and corrective waves.
- Impulse Waves: Impulse waves are strong, directional moves that are divided into five sub-waves (1, 2, 3, 4, 5).
- Corrective Waves: Corrective waves are counter-trend moves that are divided into three sub-waves (A, B, C).
What is the Elliott Wave Principle?
The surge upward hit a wall—a trendline he hadn't noticed before. It reversed violently. A massive red candle engulfed the previous three green candles. The Wave C had begun. The market plummeted, diving far below the level where he had sold.
Tips and Best Practices:
Free Download Elliott Wave Cheat Sheet Mento Pdf
Without the PDF, you would have bought the B wave (loss). With the Mento card, you waited for C to finish.
"Wave 1," Silas nodded. "Now, what comes next?"