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In 1938 R.N. Elliott stated that the price pattern evolves into a specific set of waves that can be learned through study and to estimate the direction of future price. The basic concept is that each market cycle develops in five waves in the direction of the current trend and counter trend moves are usually detected in a three wave pattern. This theory has a psychological basis. Investor psychology and emotion are a key to Elliott Wave Theory. Crowd behavior is key to how and why price waves evolve. Elliot wave theory is a very difficult to implement in real time. Much study of basic and advanced concepts is necessary. Also real charts require a lot of practice. A lot of technicians believe that Elliott Wave Theory is subjective. They say that "if you give a chart to 12 Ellioticians you will have 12 different waves". I believe they are exaggerating. Yes, Elliott Wave Theory is difficult to learn and master. Nevertheless the result of your business can be very fulfilling. Imagine having a method that can allow you to forecast future activities with high accuracy. Imagine how far and where it should go in the future. But this is not only this. Elliott Wave Theory theories include Fibonacci symmetry in price movements and future price estimates. Wave counting has no meaning between waves without knowledge of Fibonacci estimates and targets. This knowledge reveals great symmetry in price action. You will also know how to choose the right starting and ending points of Fibonacci retracements. You can also learn how to correctly assess classical technical patterns such as head and shoulders, wedges, flags, etc. Many so-called continuity patterns in classical technical analysis can have reversal points in Elliott wave theory based on wave count. I believe that Elliott Wave Theory is the basis of all option trading techniques. You should take time to study it and you will not miss. I have studied Elliott Wave Theory for many years. I am thrilled by the implications of this principle in my trading style. You can click here for more information on how you apply Elliott Wave Theory to your trading.

My name is Anupam Anand, and I’m a Technical Analyst in Stock Market & Research Advisor from India

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