This is formed by five smaller waves called impulse waves and diagonal waves. The first half of the Elliott Wave pattern is called the Motive Wave. For now, let's look at the two types of wave formations that construct the Elliott Wave pattern. This will become more apparent when we look at the best Elliott Wave software further down the article. While there are many Elliott Wave charting software programs in the marketplace, users still need to understand how Elliott Waves are formed to help them apply it on the chart. These waves are the core foundations of the Elliott Wave Theory. Elliott found that changes in mass psychology showed up in repeatable 'waves' within the markets. What is Elliott Wave?Įlliott Wave Theory aims to identify repetitive patterns in financial markets based on investor psychology. In this article, you will learn the principles behind the Elliott Wave Theory and how to access the best Elliott Wave software, through Admirals' popular free forex trading platform, MetaTrader 5. Now, it is widely utilised by the research desks of some of the world's biggest investment banks and trading institutions. It was further popularised by market technician Robert Prechter in the 1970s.
Elliott Wave Theory was first developed by R.N.
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