August 2008
Intermediate to advanced
208 pages
6h 50m
English
book
Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
by Jamie Saettele
Content preview from Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
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P1: PIC/b P2: c/d QC: e/f T1: g
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
168 SENTIMENT IN THE FOREX MARKET
Bear Bull Both
1, 1, 2
3, 5, 8
etc.
13, 21, 34
Bear Bull Both
Bear Bull Both
FIGURE 7.20 Fibonacci in Market Form
Source: Courtesy of Elliott Wave International, Inc.
RATIOS
This is a brief list of relationships that are found among waves. By no
means are these relationships always found, but they are often found. Form
is the most important aspect to consider when applying wave analysis, but
ratios help pinpoint entry and exit levels as well. Remember that wave 3
is never the shortest. These relationships below assume that wave 3 is ex-
tended. The legs of the EURUSD decline from December 2004 to November
2005 exhibited the relationships listed below. See Figure 7.21 for a visual
representation of the decline.
Wave 2 = .618 to .786 of wave 1
Wave 3 = 1.618 of wave 1
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