![]() ![]() Sequence (numbered 1, 2, 3, 4, and 5) followed by a 3-wave corrective sequence (lettered a, b, and c). On this ebb and flow nature of price movements, Elliott identified a certain fundamental wave structure (or pattern) consisting of a 5-wave motive ![]() The theory itself was developed by Ralph Nelson Elliott (1871 - 1948) in 1920s - 1930s andĬovered most comprehensively in his major work Nature's Laws The Secret of the Universe in 1946.Įlliott Wave Theory asserts that crowd trading behavior ebbs and flows as waves in a sea and makes the market prices move in the same way. The indicators help to apply Elliott Wave Theory to forex trading. EW (Elliott Wave Indicator) is one of three Waves indicators included in the list of standard indicators of Marketscope (the other two are EWO (Elliott Wave Oscillator)Īnd EWN (Elliott Wave Number). ![]()
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