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Elliott Wave Rules

Dear Steve. I would like to really thank you for investing your life in developing this wonderful software. I have been an elliott wave practioner for a decade and MTPREDICTOR in the past one month has really enhanced my ability to trade sucessfully. I have spent 14 hours a day trading across Equity, Commodity & Currency (Indian) markets using MTPREDICTOR and i must confess here that my trading style has seen a transformation. The advanced analysis section is a boon that helps me spot abc correction, count emerging trends and initiate trades with confidence. The real time scanner is another brilliant tool to spot opportunities. I have used other leading softwares for trading but the depth of realtime analysis that can be performed & trading opportunities that MT PRIDICTOR spots leaves competing softwares far behind. I am very satisfied with MTPREDICTOR, THANK YOU.

Rup, Private Trader

Elliott Wave Rules and Guidelines

There are three main rules that most standard Elliott Wave analysts adhere to today:

Although these are quoted as rules, Elliott himself (in his original writings) never referred to these as strict rules, he used phrases like should and rarely to describe them. As such, the label of Elliott wave rules was probably added in later years in an attempt to make the principle less ambiguous and more structured and exact.

General Observations

The section above outlined the three main Elliott Wave rules that should be obeyed in all 5-wave sequences. Now we would like to look at some additional observations and general guidelines that can help in placing an Elliott Wave count on a chart.

Corrections and corrective waves do not have a set of rules associated with them, so these general observations focus on the ideal 5 wave pattern.

Now we have finished the specific Elliott Wave rules and also some General Observations, you should be ready to apply these to some charts. But before you do, we suggest taking a look at the next section on how to trade Elliott Wave, especially as this outlines how Elliott Wave patterns unfold in todays markets, and as such, how they are best traded……

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