Elliott Wave - Part 2

Elliott Wave Impulsions, Corrections and Degrees

Part 2 Highlights

• The lack of universal Elliott Wave rules lends the methodology to considerable skepticism
• Monowave is the movement of a market starting from a change in price direction until the next change in price direction occurs
• Waves are broken out into 2 categories – Classes and Degrees
• A trader’s time preference will determine which degrees they focus on
• Classes are broken out into Impulsions and Corrections
• Impulsions – go in the direction of the primary trend. Impulsions can be monowaves, but if they are more complex they can be composed of (5) segments.
• Corrections – go against the primary trend. Corrections are generally sideways consolidations on a price chart and usually comprised of 3 segments.

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