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68  Wave Personality
The idea of ​​wave personality is a substantial expansion of the Wave Principle. It has the advantage of bringing human behavior more personally into the equation.
free forex signals andThe personality of each wave in the Elliott sequence is an integral part of the reflection of the mass psychology it embodies. The progression of mass emotions from pessimism to optimism and back again tends to follow a similar path each time around, producing similar circumstances at corresponding points in the wave structure. As the Wave Principle indicates, market history repeats but not exactly. Every wave has siblings (same-directional waves of the same degree within a larger wave) and cousins ​​(samedegree and same-numbered waves within different larger waves ) but no wave has a twin. Related waves — particularly cousins ​​— have similar market and social characteristics. The personality of each wave type is manifest whether the wave is of Grand Supercycle degree or Subminuette.Waves' properties not only forewarn what to expect in the next sequence but at times can he*** determine the market's present location in the progression of waves, when for other reasons the count is unclear or open to differing interpretations. As waves are in the process of unfolding, there are times when several different wave counts are perfectly admissible under all known Elliott rules. It is at these junctures that a knowledge of wave personality can be invaluable. Recognizing the character of a single wave can often allow you to interpret correctly the complexities of the larger pattern. The following discussions relate to an underlying bull market picture, as illustrated in Figures 2-14 and 2-15. These observations apply in reverse when the actionary waves are downward and the reactionary waves are upward.
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1) First  waves — As a rough estimate, about half of first waves are part of the "basing" process and thus tend to be heavily corrected by wave two. In contrast to the bear market rallies within the previous decline, however, this first wave rise is technically more constructive, often displaying a subtle increase in
Description: https://my.elliottwave.com/images/tutorial/fig2-14.jpg
Figure 2-14

volumeand breadth. Plenty of short selling is in evidence as the majority has finallybecome convinced that the overall trend is down. Investors have finally gotten"one more rally to sell on," and they take advantage of it. The otherfifty percent of first waves rise from either large bases formed by theprevious correction, as in 1949, from downside failures, as in 1962, or fromextreme compression, as in both 1962 and 1974. From such beginnings, firstwaves are dynamic and only moderately retraced.
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2) Second waves— Second waves often retrace so much of wave one that most of the profitsgained up to that time are eroded away by the time it ends. This is especiallytrue of call option purchases, as premiums sink drastically in the environmentof 79 fear during second waves. At this point, investors are thoroughlyconvinced that the bear market is back to stay. Second waves often end on verylow volume and volatility, indicating a drying up of selling pressure.
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3) Third waves— Third waves are wonders to behold. They are strong and broad, and the trendat this point is unmistakable. Increasingly favorable fundamentals enter thepicture as confidence returns. Third waves usually generate the greatest volumeand price movement and are most often the extended wave in a series. Itfollows, of course, that the third wave of a third wave, and so on, will be themost volatile point of strength in any wave sequence. Such points invariablyproduce breakouts, "continuation" gaps, volume expansions,exceptional breadth, major Dow Theory trend confirmations and runaway pricemovement, creating large hourly, daily, weekly, monthly or yearly gains in themarket, depending on the degree of the wave. Virtually all stocks participatein third waves. Besides the personality of B waves, that of third wavesproduces the most valuable clues to the wave count as it unfolds.
4) Fourth waves— Fourth waves are predictable in both depth (see page 66) and form, because byalternation they should differ from the previous second wave of the samedegree. More often than not they trend sideways, building the base for thefinal fifth wave move. Lagging stocks build their tops and begin decliningduring this wave, since only the strength of a third wave was able to generateany motion in them in the first place. This initial deterioration in the marketsets the stage for non-confirmations and subtle signs of weakness during thefifth wave.
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5) Fifth
waves — Fifth waves in stocks are alwaysless dynamic than third waves in terms of breadth. They usually display aslower maximum speed of price change as well, although if a fifth wave is anextension, speed of price change in the third of the fifth canexceed that of the third wave. Similarly, while it is common for volume toincrease through successive impulse waves at Cycle degree or larger, it usuallyhappens in a fifth wave below Primary degree only if the fifth wave extends.Otherwise, look for lesser volume as a rule in a fifth wave asopposed to the third. Market dabblers sometimes call for "blowoffs"at the end of long trends, but the stock market has no history of reachingmaximum acceleration at a peak. Even if a fifth wave extends, the fifth of thefifth will lack the dynamism that preceded it. During advancing fifth waves,optimism runs extremely high despite a narrowing of breadth. Nevertheless,market action does improve relative to prior corrective wave rallies. Forexample, the year-end rally in 1976 was unexciting in the Dow, but it wasnevertheless a motive wave as opposed to the preceding corrective wave advancesin April, July and September, which, by contrast, had even less influence onthe secondary indexes and the cumulative advance-decline line. As a monument tothe optimism that fifth waves can produce, the advisory services polled twoweeks after the conclusion of that rally turned in the lowest percentage of"bears," 4.5%, in the history of the recorded figures despite thatfifth wave’s failure to make a new high!
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6) A waves — Duringthe A wave of a bear market, the investment world is generally convinced thatthis reaction is just a pullback pursuant to the next leg of advance. Thepublic surges to the buy side despite the first really technically damagingcracks in individual stock patterns. The A wave sets the tone for the B wave tofollow. A five-wave A indicates a zigzag for wave B, while a three-wave Aindicates a flat or triangle.
7) B waves — B wavesare phonies. They are sucker plays, bull traps, speculators’ paradise, orgiesof odd-lotter mentality or expressions of dumb institutional complacency (orboth). They often involve a focus on a narrow list of stocks, are often"unconfirmed" (see Dow Theory discussion in Chapter 7) by otheraverages, are rarely technically strong, and are virtually always doomed tocomplete retracement by wave C. If the analyst can easily say to himself, "Thereis something wrong with this market," chances are it’s a B wave. X wavesand D waves in expanding triangles, both of which are corrective wave advances,have the same characteristics. Several examples will suffice to illustrate thepoint.
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