Beginner Guide: Elliot Impulse Waves & ABC Corrections! (Crypto)

hey snipers foster here okay guys having a great day today i’d like to talk to you guys about the elliot wave theory and the elliot waves were actually an invention of rolf nelson elliot at the beginning of the 20th century He was an american accountant and author who was also a stock market trader and He came up with his theory because he thought that a lot of trading and a lot of charts were based off of a cyclical nature like there was always a repetitive pattern found Best, way to show you guys this is just to go straight into corn eg this guy’s i got the bitcoin your dollar a two-hour chart and before, we go into the chart i would like to show you what elliot waves are all about basically ellegua elegant waves or the wave pattern consists of two parts the first part our five waves that follow a trend where it’s an uptrend or downtrend followed by a correction of three waves legs on people call them legs what i’ve done here in carnegie under the one two three four in the fifth menu you can choose the elliott impulse wave and the correction wave And we’re going to be looking at those two i’ve added these as favorites to this is a bar here So all i have to do is click them here to use them So usually what happens is if there has been phrase a downtrend and There’s been some stability showing that an uptrend is up-and-coming what happens is usually the first lag happens and so this is when the early money gets in and usually when that happens There’s always a little profit taking there’s some people were selling surprises go down but then the real move comes there will be actually the third lag this is where basically smart money in these three steps smart money is moving into the market What happens then is of course people take profits Number four but what’s also important is that people who’ve missed out on the smart money i guess they’re not, so smart money If they want to go in in these trends you know they they want to see some sort of correction before another up move So when we go into like four and five to our top where the price will be going in this example this is basically where slow money will move in and So there’s a couple of things important here first of all this third leg can never be the shortest It doesn’t have to be the longest But it can never be the shortest so somebody draws you in elliott’s Wave pattern and the third leg is the shortest they’re wrong i gotta go back, to the drawing board something else this number four can never be below number one So this let’s say This can never happen this is impossible for can well of course it can happen right in the insurance but then it is not an elliot wave just, like one number three is shortest let’s say we have this example This is not possible this is not an elliot way for by number three is shortest so kay so number three is got, to be Not, the shortest one and number four is got, to be above one Same counts by the way four going down okay so we have it so we do that we have a downtrend small correction downtrend Small correction down friends okay so here you can see number four in this case is not above okay number one this is not possible and it waves just like the number three wave cannot be the shortest sorry sure the number a little ak, or three lakh Okay let’s go back here so we got our trend and then that’s the second part of elliot waves there’s gotta be a form of correction Which consists of three legs called a b and c so you leave the prices go down So this is the first correction go it’s basically going against the upward strength Then you get one that’s going with upper strength and then you get another down leg So what you see here this is a full elliot wave pattern so what i want to do is show you guys how this looks in bitcoin and one of the dumb size of any of the waves is that this is very subjective i Can see things that other people will not, see and not, so much because i seem better but maybe i see them wrong and these waves still fit my theory or at least make them fit so the question is of course how do you know when somebody is actually growing the right waves well just like i said you have the few rules that That have to comply but there’s there’s a lot of possibilities? So let’s see we have bitcoin here and the question is of course where do you start to draw your elliot waves people would say well you start at the bottom right but Starting at the bottom in the lowest price is not a right way to draw an elliot chart What you need you need to have at least basically confirmation that a new high is actually stable enough to form as a support line so for instance what we see here price is going up and this is our new high right here right so This is gonna be our new high okay and then there’s a correction and Then there’s a new low and then we price going up to a new high right here and Price will go down again and so this downtrend The question is how much this top is being tested so what happens here is this area is being tested and supposedly it works or actually it does work so we have higher highs and we have higher lows and this one will actually basically trigger an elliot wave So this will be our start of the elliot wave right here so we will go up Then we will correct down right that’s our second leg Then we have a third leg going up here Then we have a fourth leg and we will fifth leg go in there so this will be an example of how you can draw elliot waves right, so the third leg is not, the shortest that’s the fifth so we comply with that rule and the number four here you can see number four here is higher Than the number one? So that is also something that is acceptable plus this retracement back to zero basically from two is not fully Negative if this point were to be here then it’s also not a elliot wave by the way so that’s what this would be our first positive flow Then we have a correction okay so where’s the correction well the correction starts here It’ll go here then we’ll go up again and it’ll go down again so this is what i would see as a correction people can discuss you can say hey it’s going up here and down but the downtrend in general continues right so That’s one of the things that sometimes these small legs are built out of sub steps so i’ll show you guys when i grew up here because the continued continuation will be another five steps so the first step would go to dis hi Then we go to this low now i go to decide a third leg definitely the longest correction and this one right there So once again we see that the third one is not the shortest and number four is about number one and what i wanted to show you guys now use slightly different color let’s use blue for this one as you can see this first leg you can actually draw small elliot waves inside now 1 2 3 4 5 right 1 and Here we go very subjective 2 3 sorry 3 4 5 and so you see that these upward legs consist of their own? Elliot waves and if we zoom in in time now as we can do even more you can constantly fill out more elliot waves inside of each other so this is gonna be 1 2 3 4 5 ok so here you see that these that the big 1 2 3 4 5 that 1 3 & 5 you can also draw these in there again 1 the basically stack on top of each other so let’s remove these 3 because now we come to a Correction right so there’s gonna be a b i so where will this go That is a question we’re gonna go down here we’re gonna stay here let’s say for argument’s sake that the support level will hold around here and Then the next step would be how we’re going to go up It is going to be 1 2 3 and so on so this is the this is where things go become Basically when you start to move onto slippery services because we really don’t agree know what’s going on here? Although we can say that we’re in a correction here of course one of the things we can always do right is at the rsi adamek de i Start seeing where we’re going right so right now we’re slightly we were going down on the earth i on being sold we go a little bit up the The macd itself this is a hard to read i realized that see Okay, so what we see here is and i’ll change this one to Where are we going to go right now we’re neutral on the arrows i the macd slightly bearish we thought it was going across but it didn’t So we’re probably still in a downtrend of course adding the bollinger bands well i’ll show that we’re in the lower parts of the bollinger bands And we seem to be heading into a little we’re a little very little squeeze so oops basically we are in this correction and if they it needs to be completed for elliott wave cycle to start a new one So i hope this brings you guys a little bit more clarity on what elliot waves are and when and how to use them It’s very subjective once again because some people who draw other patterns starting at different areas so to summarize it’s important that you start at a proven support level that cone that basically Works out with the previous high so this area You got, to make sure that two is never below zero and four never below one and that the number three leg is never the shortest That’s very important so i hope you guys like this video i Hope you understand it was going on and all i can say is snipers out you

28 thoughts on “Beginner Guide: Elliot Impulse Waves & ABC Corrections! (Crypto)”

  1. Let's go over Elliot Wave basics! Subscribe for more knowledge! Like if you enjoyed!

    ►Get Trade Alerts!
    ►Join Our Discord!

  2. Cool, now I can make a post every 2hrs on STEEMIT using Elliot waves and make $150k a week, glad nobody has thought of this, I’m gonna be rich!

  3. Yoo @sniperstube, I've been letting all the crypto people I've been watching know that they're doing a great service and have provided people with great insight into TA. I like to double check my TA with people like you, so I've started my own channel to help people.

    Investing and Crypto Analysis – 11/75 Subscriber Goal

  4. Not to argue but how can you be certain that the last correction you show does not form an Elliot wave to the downside? If I said that correctly

  5. Another GREAT video Koster!! I've been having success with Andrew's Pitchfork. Could be a good subject for the next one…

  6. Good timing! I've been slowly dipping into learning this. And your brevity and exactness on this really tight at all together. And now I'm about to go even deeper. of course I don't think that's something every woman care about, but I continue to grow.

  7. Nicely explained. Initialising eliot wave is a proven (tested)point -not the lowest. But when u start with the second wave, then u take the lowest point. That i dont understand.

  8. I think DeepOnion is close to completing an Elliot Wave with ABC correction when looking on the bigger perspective (Dec-Feb). I know it is subjective but have a look, it looks like it is in the C phase and finding a final bottom. It seems to fit with your analysis with internal Elliot Waves as well. Might be worthy of a check since if I am right a new long term 5 step increase migth start soon.

  9. Sorry for my newbie question but is this Elliot Impulse Waves is never ending? or it's just a matter of self perception in giving the 1, 2, 3 ,4 ,5 and A,B,C?

  10. Thank you for such a neat explanation! I'm no expert in charting, still learning. I've been trying for weeks to figure out what is going on with price of coin that I have most bags of in my portfolio (DeepOnion) and I'm going to go and try this right away to asses situation where are we at.

  11. Thanks very clear trying to get my head around these for a while the biggest issue was not knowing where to start thanks you made it very clear and helpful

  12. I have recently made a discord to create a space that appeals to actual serious full time traders that are looking for respective opinions on potential setups and engagement on daily basis, if anyone is interested PM me.

    The only requirement is that you are willing to participate in the voice channel on a semi regular basis and have a trading strategy set in place already.

    I know this can be achieved as I am in quite a few non-crypto day trading groups that have over 20 active voice members every day and they for the most part doing quite well because of the level of communication that happens in there.

    Anyone looking for spoon fed information/signals or a "weekly watchlist" need not apply.

    Sorry if this is comes off like a schill to the owners/mods of this group but I am sick and tired of these groups with too many rooms and a lack of actual community interaction for whatever reason that may be.

  13. The Elliott wave trading platform is perhaps the best strategy for beginners. This is because it’s a very obvious pattern with a good trade plan. I plan with Blended model strategy, acting with basic principles of the technical analysis which is former resistance becomes new support. Sure enough the market found support at former resistance and formed a bullish body candle close as bullish. Wish to learn more..,? i extremely recommend you to get to know Dmitry Vladislav and the Blended model strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *