As of 11/26/2021
  Indus: 34,899 -905.04 -2.5%  
  Trans: 16,216 -610.57 -3.6%  
  Utils: 907 -15.90 -1.7%  
  Nasdaq: 15,492 -353.57 -2.2%  
  S&P 500: 4,595 -106.84 -2.3%  
YTD
 +14.0%  
 +29.7%  
 +4.9%  
 +20.2%  
 +22.3%  
  Targets    Overview: 11/12/2021  
  Up arrow38,000 or 35,000 by 12/01/2021
  Up arrow17,700 or 16,000 by 12/01/2021
  Up arrow935 or 890 by 12/01/2021
  Up arrow16,400 or 15,350 by 12/01/2021
  Up arrow4,850 or 4,560 by 12/01/2021
CPI (updated daily): Arrows on 11/17/21
As of 11/26/2021
  Indus: 34,899 -905.04 -2.5%  
  Trans: 16,216 -610.57 -3.6%  
  Utils: 907 -15.90 -1.7%  
  Nasdaq: 15,492 -353.57 -2.2%  
  S&P 500: 4,595 -106.84 -2.3%  
YTD
 +14.0%  
 +29.7%  
 +4.9%  
 +20.2%  
 +22.3%  
  Targets    Overview: 11/12/2021  
  Up arrow38,000 or 35,000 by 12/01/2021
  Up arrow17,700 or 16,000 by 12/01/2021
  Up arrow935 or 890 by 12/01/2021
  Up arrow16,400 or 15,350 by 12/01/2021
  Up arrow4,850 or 4,560 by 12/01/2021
CPI (updated daily): Arrows on 11/17/21

Bulkowski on the Basic Elliott Wave Pattern

 

This page describes the basic motive pattern of the Elliott wave principle, how price moves not in a straight line but in a series of rises and retracements.

 

The 5 wave motive cycle. Shown is the basic five wave motive phase (as opposed to the three wave corrective phase) of the Elliott wave principle. Price moves in a rise-retrace pattern that is similar to an incoming tide. Notice in the chart to the right that the impulse waves, 1, 3, and 5 travel farther than the corrective waves 2 and 4. This behavior leads to a rising price trend in this example.

 

 

 

 

The 8 wave cycle. Reference the figure to the left Three of the waves, 1, 3, and 5, move in the direction of the trend of one higher degree (the blue numbers 1 through 5). This is similar to an ocean's tide. If you are looking at a ripple, one higher degree would be the wave. One higher degree from a wave would be the tide.

Counter trend moves 2 and 4 interrupt the movement of the main thrust.

 

 

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The 5 wave cycle when the trend is downward. The orientation of the basic 5 wave cycle need not be one of a rising price trend. The chart to the right shows a 5 wave pattern in a falling price trend. As described above, the 5 wave cycle obeys the direction of the trend of one higher degree. In the middle chart of the three on this page, each segment of the A wave is composed of 5 smaller segments, not 3 as in an ABC correction.

 

 

Basic Motive Wave Pattern: Rules

The five wave motive phase has rules that govern its shape. They are listed here.

-- Thomas Bulkowski

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See Also

 

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