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.
Elliott Wave Basics