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I found this helpful when researching The Elliot Wave Theory, especially the three hard and fast rules regarding Wave 3.
https://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory
Elliott Wave Basics
Introduction
Elliott Wave Theory was developed by R.N. Elliott and popularized by Robert Prechter. This theory asserts that crowd behavior ebbs and flows in clear trends. Based on this ebb and flow, Elliott identified a certain structure to price movements in the financial markets. The article serves as a basic introduction to Elliott Wave Theory. A basic 5-wave impulse sequence and 3-wave corrective sequence are explained. While Elliott Wave Theory gets much more complicated than this 5-3 combination, this article will only focus on the very basics.
Wave Degrees
Elliott Wave Basics
The labeling convention shown above is a hybrid between that shown in the Elliott Wave book and the Elliott tools from SharpCharts. In Elliott-speak, this labeling convention is used to identify the degree or level of the wave, which represents the size of the underlying trend. The upper case Roman numerals represent the large degree waves, the simple numbers represent the medium degree waves and the small-case Roman numerals represent the small degree waves. The trends start with the largest degree (Grand Supercycle) and work their way down to waves of lesser degree. For example, the Cycle wave is one larger degree than the Primary wave. Conversely, the Primary wave is one lesser degree than the Cycle wave. Wave 1 of (1) would indicate that Wave 1 is part of a larger degree Wave (1). Wave 1 is a lesser degree than Wave (1).
In reality, most chartists will only use 1 to 3 wave degrees on their charts. It can get quite complicated trying to apply nine Wave degrees or even just using the labeling convention in the order provided. Chartists using 1 to 3 wave degrees can simply label the highest degree waves with upper case Roman numerals (I,II,III,IV,V,a,b,c), the middle degree waves with numbers (1,2,3,4,5,A,B,C) and the lowest degree waves with lower case Roman numerals (i,ii,iii,iv,v,a.b,c). This provides three distinct groups for labeling various waves.
Basic Sequence
There are two types of waves: impulse and corrective. Impulse waves move in the direction of the larger degree wave. When the larger degree wave is up, advancing waves are impulsive and declining waves are corrective. When the larger degree wave is down, impulse waves are down and corrective waves are up. Impulse waves, also called motive waves, move with the bigger trend or larger degree wave. Corrective waves move against the larger degree wave.
Elliott Wave Basics
The chart above shows a rising 5-wave sequence. The entire wave is up as it moves from the lower left to the upper right of the chart. Waves 1,3 and 5 are impulse waves because they move with the trend. Waves 2 and 4 are corrective waves because they move against this bigger trend. A basic impulse advance forms a 5-wave sequence.
Elliott Wave Basics
A basic corrective wave forms with three waves, typically a, b and c. The chart below shows an abc corrective sequence. Notice that waves a and c are impulse waves (green). This is because they are in the direction of the larger degree wave. This entire move is clearly down, which represents the larger degree wave. Waves a and c move with the larger degree wave and are therefore impulse waves. Wave b, on the other hand, moves against the larger degree wave and is a corrective wave (red).
Elliott Wave Basics
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.
Elliott Wave Basics
These 8-wave charts show two larger degree waves (I and II) as well as the lesser degree waves within these larger degree waves. Waves 1-2-3-4-5 are one lesser degree than Wave I. By extension, Wave I is one larger degree than Waves 1-2-3-4-5. Waves a-b-c are one lesser degree than Wave II.
Fractal Nature
Elliott Wave is fractal. This means that wave structure for the GrandSuper Cycle is the same as for the minuette. No matter how big or small the wave degree, impulse waves take on a 5-wave sequence and corrective waves take on a 3-wave sequence. Any impulse wave subdivides into 5 smaller waves. Any corrective wave subdivides into three smaller waves. The charts below show the fractal nature of Elliott Wave in action.
Elliott Wave Basics
Elliott Wave Basics
Three Rules
Believe it or not, there are only three rules when it comes to interpreting Elliott Wave. There are many guidelines, but only three HARD rules. These are unbreakable. Guidelines, on the other hand, are bendable and subject to interpretation. Furthermore, these rules only apply to a 5-wave impulse sequence. Correction, which are much more complicated, are given more leeway when it comes to interpretation.
Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.
Rule 2: Wave 3 can never be the shortest of the three impulse waves.
Rule 3: Wave 4 can never overlap Wave 1.
Elliott Wave Basics
Wave 2 cannot move below the low of Wave 1. A break below this low would call for a re-count. Even though Wave 3 is typically the longest of the three impulse waves, there is a specific rule that it cannot be the shortest. 1 or 5 can be longer than Wave 3, but both cannot be longer than Wave 3. It is probably best to use percentages or log scales when measuring Wave length. Elliott Wave indicates that Wave 3 must exceed the high of Wave 1. Failure to exceed this high would call for a re-count. Impulse moves are all about making progress. Failure to exceed the high of Wave 2 would not be making progress. The third, and final rule, is that Wave 4 cannot overlap Wave 1, which means the low of Wave 4 cannot exceed the high of Wave 1. Such a violation would call for a re-count.
Three Guidelines
There are numerous guidelines, but this article will focus on three key guidelines. In contrast to rules, guidelines should hold true most of the time, not necessarily all of the time.
Guideline 1: When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1.
Guideline 2: The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, Wave 4 will be a flat correction. If Wave 2 is flat, Wave 4 will be sharp.
Guideline 3: After a 5-wave impulse advance, corrections (abc) usually end in the area of prior Wave 4 low.
Elliott Wave Basics
The first guideline is useful for targeting the end of Wave 5. Even though Wave 5 could be longer than Wave 3 and Wave 3 could still be longer than Wave 1, chartists can make initial Wave 5 projections once Wave 4 ends. In a larger uptrend, chartists simply apply the length of Wave 1 (percentage change) to the low of Wave 4 for an upside target. The opposite is true for a 5-wave decline. The percentage decline in Wave 1 would be applied to the high of Wave 4 for a Wave 5 estimate.
The guideline of alternation (2) is useful for determining the time of correction for Wave 4. After a sharp decline for Wave 2, chartists can expect a relatively flat correction for Wave 4. If Wave 2 is relatively flat, then chartists can expect a relatively sharp Wave 4. In practice, Wave 2 tends to be a rather sharp wave that retraces a large portion of Wave 1. Wave 4 comes after an extended Wave 3. This Wave 4 marks more of a consolidation that lays the groundwork for a Wave 5 trend resumption.
The third guideline is useful for estimating the end of a Wave II correction after a Wave I advance. Waves I and II are the larger degree waves. Waves 1-2-3-4-5 are lesser degree waves within Wave I. Once the Wave II correction unfolds, chartists can estimate its end by looking at the end of the prior wave 4 (lesser degree wave 4). In a larger degree uptrend, Wave II would be expected to bottom near the low of lesser degree Wave 4. In a larger degree downtrend, Wave II would be expected to peak near the high of lesser degree Wave 4.
Conclusions
Even though this article just scratches the surface of Elliott Wave Theory, chartists can greatly improve their counting by applying the three rules and three guidelines listed. Elliott Wave counts start with a process of elimination. Apply the rules for the first count attempt and then the guidelines on the second. Eliminating bogus counts paves the way to a more accurate count. Even with accurate counts, chartists will still need to re-evaluate and adjust counts as new price information emerges. It is just the nature of the beast.
SharpCharts
You can use our ChartNotes annotation tool to add Elliott Wave notations to your charts. Below, you'll find an example of a chart annotated with Elliott Wave notations.
Elliott Wave Basics
To learn more about how to add these annotations to your charts, check out our Support Center article on ChartNotes' Text Annotation Tools.
Barchart rating - weak buy!
https://www.barchart.com/stocks/quotes/UNGS
Thank you, I have 5 million currently. I’ll wait and see.
Did you bump your head? GCAN is up almost 300%!
Not looking for a lullaby or dose of hopium. I’ve been trading now for 10 months, anything I invest I can lose and not alter my lifestyle.
I’ve been reading a lot of the posts here regarding 19% of GCAN that UNGS owns. I figure it’s only a matter of time until some type of run develops here, I just thought I would ask and see if any of the seasoned investors were willing to throw out an opinion.
Until then, I bought GCAN at .13 and will be covering my initial investment (with profit) and let the rest of what I bought ride,
Question:
With GCAN looking like it may hit the dollar mark soon, how long before UNGS starts to take off?
Any ideas?
You are correct, we are in wave B, the opposite of wave C.
I can do that too...
.0007’s will print today! Lol
Movie review:
My wife and I received the copy we purchased from Amazon today.
The movie was thoroughly enjoyable. A good movie night in our household! Neither my wife or I were sure what to expect. What we didn’t get, cheese, bad acting, or a sub par story line.
What we did get is a movie we not only enjoyed, but an ending that left both of us wanting more!
$BGFT - Looking forward to the next movie!
That’s where I bought some of my UNGS.
What are some of the targets the more experienced traders here are looking for?
Thank you for the info
Question:
In addition to the shares I purchased today. I have shares I’ve been sitting on since January 24th of this year.
When were the GCAN shares distributed and did I need to be a shareholder before my original purchase date?
4 million of those bought today belong to me. I’m not an MM
Looking to start loading up, I believe this is going to going to take off!
Despite contrary opinions that Brutual Bigfoot won’t ship anytime soon, my copy of Brutul Bigfoot was shipped today. I can’t wait to watch it.
$BGFT - Brutully making his way to my TV by the 19th!
I’m going to make an assumption sir.
They may quite possibly be actively involved in head hunting. Which is a means of staffing by which you acquire the talent and approach the prospective client with your candidates and fees. It can oftentimes open doors for a company looking to acquire new clients to provide staffing for.
Though, I assume you may be trying to drive the price down to get back in.
Greenfoot Staffing - A BBB Accredited Business since 6/14/2018
https://www.bbb.org/us/ks/overland-park/profile/employment-agencies/greenfoot-technologies-0674-1000019758/accreditation-information
That works for me.
$BGFT
I’m having a difficult time following your train of thought.
What is known thus far:
Bigfoot has acquired Greenfoot, which has been valued at 1.2 million. Greenfoot is expecting revenue of 500k to 1 million over the next 100 days, or, roughly by the end of the year.
Greenfoot is a leader in staffing solutions.
Bigfoot is still in negotiations for the big merger we have all been waiting on.
Mr. Biscardi and Ms. Reynolds hold approximately 400 million shares of BGFT.
The debt they have cannot be converted until next year.
$BGFT - Has a Greenfoot!
The link is on Mr. Biscardi’s Twitter feed. I just checked.
I bought a copy on Amazon yesterday, through a reseller MovieMars. My order says it will be shipped sometime between the 19th and the 26th.
That would be great if they could.
$BGFT - Getting ready to run out of the woods and onto Easy Street!
Cool story bro!
Have a great weekend!
Resellers of the Brutul Bigfoot Movie:
MovieMars - 14.98
newtownvideos - 18.41
RAREWAVES-USA - 26.23
I bought my copy today. I used an Amazon reseller MovieMars. In fact Brutual Bigfoot is currently available through multiple resellers on Amazon, not just Mr. Biscardi.
Plus, did you notice, BGFT is back up!
$BGFT - Can’t wait to see the movie!
New Tweet - Second release of Brutual Bigfoot available!
https://mobile.twitter.com/Godfather_BGFT/status/1038152835014119424
I agree! It’s getting closer, the shorts are getting worried, as they should be.
$BGFT
As of last week my E*Trade shows a 100% loss. My account still shows I own shares, but, there is just the CUSIP Id. I can’t find any information.
I’m not surprised the DVD’s sold out. Heck, I live in a part of the country that hosts the Sasquatch Music Festival.
https://seatgeek.com/tba/festivals/sasquatch-tickets-lineup-dates-schedule/
If you’ve never been, I highly recommend it, the Gorge Amphitheatre in George, Wa., is ranked as one of the most beautiful in the world. To which I can attest to, I’m in between the opener and headliner The Dave Matthews Band at the Gorge.
$BGFT - has his own music festival!
It’s the same company Zorax....geesh
https://www.greenfoottechjobs.com
More info about Greenfoot Staffing
https://www.manta.com/c/mw2kz0b/greenfoot-technologies-inc
Zorax,
From the home page of Greenfoot Staffing:
“GreenFoot has been a premier staffing solutions partner for the Pacific Northwest of the United States since 2004, and in 2015 we expanded to the Midwest and moved our headquarters to Overland Park, Kansas.”
Maybe a LOI combined with a short squeeze?
That could be epic!
Cool story bro
I agree with you, the response from Veyo was sterile. Hopefully we get the LOI this week and start seeing $BGFT make an epic run.
$BGFT - Bigfoot will be running with the Bulls!
Thank you for proving my point.
James states he is not aware of any public information regarding a reverse merger. James confirms he is aware of a relationship between the two companies.
With a NDA in place, why would James share information regarding a reverse merger that has not been made public?
Non Disclosure Agreement sir, Mr. Biscardi has stated there is a NDA in place.
I took the liberty to copy and paste your response into an email, since Veyo must be a fraudulent company. I felt they needed to know you and others are onto them.
Weekend shenanigans.
This is what was posted by the board member who emailed Veyo. Looks good to me, he says what one would expect to hear iif there is a NDA in place, and confirms that Veyo is consulting.
On Tue, Aug 14, 2018, 8:56 PM James Henry <james.h@veyopartners.com> wrote:
Hi Tim,
I wasn’t aware that our name was included in their press releases.
We are working as a consultant for the company. However, I’m not aware of any public information regarding a reverse merger.
Best,
James
I found the post, with the reply from Veyo
On Tue, Aug 14, 2018, 8:56 PM James Henry <james.h@veyopartners.com> wrote:
Hi Tim,
I wasn’t aware that our name was included in their press releases.
We are working as a consultant for the company. However, I’m not aware of any public information regarding a reverse merger.
Best,
James
Confirmation they are working with Bigfoot.
Yes, Veyo was contacted by someone on this board. You should be able to find the post. Veyo did state they were working with BGFT.