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Waves
As we have learned earlier, The Elliott Wave Theory is completely based on the different types of wave formation on the price chart. Broadly these waves can be Mono waves or Poly waves.
Mono Waves: Mono wave is the single direction movement wave. Mono waves are building blocks of all wave patterns. It only provides a limited perspective of the market. A greater understanding of market possibilities can be derived by grouping mono waves into poly waves.
Poly waves: Poly waves are a combination of mono waves taken together.
Waves combine to form patterns:
1. Impulse Pattern
2. Corrective Pattern
Patterns
1. 5 mono waves together form an impulse pattern
2. 3 Mono waves together form a corrective pattern
We will learn more about these patterns in our upcoming units.
Rejo Panicker
This document is curated by Mr Rejo Panicker. He is a passionate student of the market since 2017, pursuing a full-time trading career. He has a keen interest and understanding of the Elliott Wave Theory. Through his learning and experience he aims to create newer highs in the markets and aims to break Mr Dan Zanger's record.