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Elliot Wave Techniques Simplified: How to Use the Probability Matrix to Profit on More Trades by Bennett McDowell

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CHAPTER 3

Classic Elliott Wave

Elliott’s 1938 Classic Rules Based Purely on Price Patterns

In this book we’ll be looking at two different approaches to Elliott Wave analysis. Both work hand in hand to deliver to you the highest probability wave counts and potential for profit in the markets.

The first approach is the Classic Elliott Wave Approach and consists of a set of rules first discovered by Ralph Nelson Elliott back in the 1930s when he observed wave price patterns that correlated with Fibonacci numbers representing extension and retracement levels and price target zones.

The second approach is the Modern Elliott Wave Approach. In this approach we are able to use computerized tools to aid in the confirmation of wave counts determined by ...

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