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Sri Lanka Equity Forum » Stock Market Talk » 26 Elliott Wave Principle and Combination (Double and Triple Three)

26 Elliott Wave Principle and Combination (Double and Triple Three)

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freeforexsignals2020


Stock Analytic
Stock Analytic
[ltr]26   Elliott Wave Principle and Combination (Double and Triple Three)[/ltr]
 
[ltr]free forex signals Elliott called a sideways combination of two corrective patterns a "double three" and three patterns a "triple three." While a single three is any zigzag or flat, a triangle is an allowable final component of such combinations and in this context is called a "three." A combination is composed of simpler types of corrections, including zigzags, flats and triangles. Their occurrence appears to be the flat correction’s way of extending sideways action. As with double and triple zigzags, the simple corrective pattern components are labeled W, Y and Z. Each reactionary wave, labeled X, can take the shape of any corrective pattern but is most commonly a zigzag. As with multiple zigzags, three patterns appear to be the limit, and even those are rare compared to the more common double three.[/ltr]
[ltr]forex signals free [/ltr]
[ltr]Combinations of threes were labeled differently by Elliott at different times, although the illustrative pattern always took the shape of two or three juxtaposed flats, as shown in Figures 1-45 and 1-46. However, the component patterns more commonly alternate in form. For example, a flat followed by a triangle is a more typical type of double three (which we now know as of 1983; see Appendix), as illustrated in Figure 1-47.[/ltr]
[ltr]forex signals [/ltr]
[ltr]A flat followed by a zigzag is another example, as shown in Figure 1-48. Naturally, since the figures in this section depict corrections in bull markets, they need only be inverted to observe them as upward corrections in bear markets.[/ltr]
[ltr] [/ltr]
[ltr]Figure 1-47[/ltr]

[ltr]Figure 1-48[/ltr]
[ltr]For the most part, a combination is horizontal in character. Elliott indicated that the entire formation could slant against the larger trend, although we have never found this to be the case. One reason is that there never appears to be more than one zigzag in a combination. Neither is there more than one triangle. Recall that triangles occurring alone precede the final movement of a larger trend. Combinations appear to recognize this character and sport triangles only as the final wave in a double or triple three.[/ltr]
[ltr]forex trading signals [/ltr]
[ltr]Although different in that their angle of trend is sharper than the sideways trend of combinations (see the guideline of alternation in Chapter 2), double and triple zigzags (see Figure 1-26) can be characterized as non-horizontal combinations, as Elliott seemed to suggest in Nature’s Law. But double and triple threes are different from double and triple zigzags not only in their angle but in their goal. In a double or triple zigzag, the first zigzag is rarely large enough to constitute an adequate price correction of the preceding wave. The doubling or tripling of the initial form is usually necessary to create an adequately sized price retracement. In a combination, however, the first simple pattern often constitutes an adequate price correction. The doubling or tripling appears to occur mainly to extend the duration of the corrective process after price targets have been substantially met. Sometimes additional time is needed to reach a channel line or achieve a stronger kinship with the other correction in an impulse. As the consolidation continues, the attendant psychology and fundamentals extend their trends accordingly.[/ltr]
[ltr]free forex signals [/ltr]
[ltr]As this section makes clear, there is a qualitative difference between the series 3 + 4 + 4 + 4, etc., and the series 5 + 4 + 4 + 4, etc. Notice that while an impulse wave has a total count of 5, with extensions leading to 9 or 13 waves, and so on, a corrective wave has a count of 3, with combinations leading to 7 or 11 waves, and so on. The triangle appears to be an exception, although it can be counted as one would a triple three, totaling 11 waves. Thus, if an internal count is unclear, you can sometimes reach a reasonable conclusion merely by counting waves. A count of 9, 13 or 17 with few overlaps, for instance, is likely motive, while a count of 7, 11 or 15 with numerous overlaps is likely corrective. The main exceptions are diagonals of both types, which are hybrids of motive and corrective forces.[/ltr]
[ltr]Orthodox Tops and Bottoms[/ltr]
[ltr]free forex signals [/ltr]
[ltr]Sometimes a pattern’s end differs from the associated price extreme. In such cases, the end of the pattern is called the "orthodox" top or bottom in order to differentiate it from the actual price high or low that occurs intra-pattern or after the end of the pattern. For example, in Figure 1-14, the end of wave (5) is the orthodox top despite the fact that wave (3) registered a higher price. In Figure 1-13, the end of wave 5 is the orthodox bottom. In Figures 1-33 and 1-34, the starting point of wave A is the orthodox top of the preceding bull market despite the higher high of wave B. In Figures 1-35 and 1-36, the start of wave A is the orthodox bottom. In Figure 1-47, the end of wave Y is the orthodox bottom of the bear market even though the price low occurs at the end of wave W.[/ltr]
[ltr]https://www.freeforex-signals.com/ [/ltr]
[ltr]This concept is important primarily because a successful analysis always depends upon a proper labeling of the patterns. Assuming falsely that a particular price extreme is the correct starting point for wave labeling can throw analysis off for some time, while being aware of the requirements of wave form will keep you on track. Further, when applying the forecasting concepts that will be introduced in Chapter 4, the length and duration of a wave are typically determined by measuring from and projecting orthodox ending points.[/ltr]
[ltr]Reconciling Funtion and Mode[/ltr]
[ltr]forex signals [/ltr]
[ltr]Earlier in this chapter, we described the two functions waves may perform (action and reaction), as well as the two modes of structural development (motive and corrective) that they undergo. Now that we have reviewed all types of waves, we can summarize their labels as follows:[/ltr]
[ltr]— The labels for actionary waves are 1, 3, 5, A, C, E, W, Y and Z.[/ltr]
[ltr]— The labels for reactionary waves are 2, 4, B, D and X.[/ltr]
[ltr]As stated earlier, all reactionary waves develop in corrective mode, and most actionary waves develop in motive mode. The preceding sections have described which actionary waves develop in corrective mode. They are:[/ltr]
[ltr]— waves 1, 3 and 5 in an ending diagonal,[/ltr]
[ltr]— wave A in a flat correction,[/ltr]
[ltr]— waves A, C and E in a triangle,[/ltr]
[ltr]— waves W and Y in a double zigzag and a double three,[/ltr]
[ltr]— wave Z in a triple zigzag and a triple three.[/ltr]
[ltr]Because the waves listed above are actionary in relative direction yet develop in corrective mode, we term them "actionary corrective" waves.[/ltr]
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Teller

Teller
Moderator
Moderator
Double or Tripple Zigzags can not be used minor market cap companies. We have to create median trend line


_________________




Teller said is said..

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
@hi Teller - americans found that when ice cream sales are high shark attacks will be higher.
your technical logics are like that. do shark attacks caused due to ice cream consumption. dont think blindly. technicals are blind. we can use them only to get very rough idea of bottom or top.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
our mind  structered when we see pattern like thing we think it will reapeat . read the book think fast and slow

KavinduTM

KavinduTM
Vice President - Equity Analytics
Vice President - Equity Analytics
@ThilinaM wrote:@hi Teller - americans found that when ice cream sales are high shark attacks will be higher.
your technical logics are like that. do shark attacks caused due to ice cream consumption. dont think blindly. technicals are blind. we can use them only to get very rough idea of bottom or top.

Dude technical analyses are not blind. They really helps.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
Technicals combined with many will help. technicals are 10% of the story

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
Technicals 10% Fundamentals 30% market sentiment 10% Leg work 30% and other 10% is correct temperament and 10% for other factors and etc

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
Legwork mean insider contacts

KavinduTM

KavinduTM
Vice President - Equity Analytics
Vice President - Equity Analytics
It should 50% technical and 50% fundamental when taking decisions.

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
@kavindu - totally wrong .gather as mutch as evidence u can. best informations are from sales finance teams

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