Welcome Traders
This Board
is where you'll find stocks that are at their All TIME Lows
that we are Alerting as Bounce Plays.
We know Bouncers when we see them
Elliott Wave Basics: abc corrective phase
Combining a basic 5-wave impulse sequence
with a basic 3-wave corrective sequence
yields a complete Elliott Wave sequence,
which is a total of 8-waves.
According to Elliott, this complete sequence
is divided into two distinct phases:
the impulse phase and the corrective phase.
The abc corrective phase
represents a correction of the larger impulse phase.
Fibonacci retracement levels
apply to a bounce, or corrective advance,
after a decline.
Once a bounce begins, chartists can identify specific Fibonacci retracement levels for monitoring.
As the correction approaches these retracements,
chartists should become more alert
for a potential bearish reversal.
Chart shows 3M (MMM) retracing around 50% of its prior decline.
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen
Elliott Wave Basics
http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory