EURUSD 1.1698 USDJPY 111.40 USDCAD 1.2485 EURCZK 26.028 USDCZK 22.246 EURPLN 4.2539 USDPLN 3.6365
EURUSD 1.1698 USDJPY 111.40 USDCAD 1.2485 EURCZK 26.028 USDCZK 22.246 EURPLN 4.2539 USDPLN 3.6365

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Elliot corrective waves are considered to be medium/short-term waves, regarded to be a retrace in the main trend, indicated by impulse waves

Rule of thumb

Interpretation of corrective waves in a downward trend applies accordingly

Elliot corrective waves represent a temporary fall back in the main trend.

 

According to the Elliott theory, corrective waves are divided into three smaller waves “a,b,c”.

 

corrective wave

 

  • Wave #a: investors are considering a change in trend (downward) from the wave (i).
  • Wave #b: may be represented as the struggle of the bullish investors trying to move the prices towards an upward trend.
  • Wave #c: bearish investors still feel confident in the possible change of trend, but as they lose ground, the next impulse wave is generated, wave #(ii) - an upward trend.

 

How to use it with MetaTrader 5:

  • Select a chart for which you want the Elliot corrective waves to be presented.
  • Go to: Insert - Objects - Elliott - Elliott corrective wave.
  • Select the points where the waves are formed in the chart.
  • Waves will be presented to you, in the form “(a), (b), (c)”, by MetaTrader 5.
  • (Optional): by default, only letters will be displayed in the chart. If lines are also to be visible, select the properties of the Elliott wave (by right-clicking on the  Elliott wave), select parameters, and check the “Lines” box.

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