October 2012
Intermediate to advanced
250 pages
6h 3m
English
book
Timing Solutions for Swing Traders: A Novel Approach to Successful Trading Using Technical Analysis and Financial Astrology
by Robert Lee, Peter Tryde
Content preview from Timing Solutions for Swing Traders: A Novel Approach to Successful Trading Using Technical Analysis and Financial Astrology
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WAVE 3
Wave 3 is the most forceful wave of the three impulse waves. Wave 3 is never the shortest wave of the impulse waves. Its slope is almost always steeper than Wave 1 and is accompanied by heavy volume and strong momentum readings. Very often, a price gap will occur in the middle of the wave movement, which helps to identify such waves. (See Figure 4.4.)
FIGURE 4.4 Wave [3] shows the subdivision of another five-wave structure. Notice the oscillator readings of Wave (4) and Wave [4], both of which show the momentum oscillator falling below the zero line.
When Wave 3 is not extended or is not the longest wave, then either Wave 1 or Wave 5 will be shorter than Wave 3. If Wave 1 is longer than Wave 3, then Wave 5 will be the shortest wave. If Wave 5 is the extended wave, Wave 1 would then be shorter than Wave 3. Wave 3 is the most likely wave to extend. When Wave 3 extends, the probable target could be as high as 1.618 or 2.618 of Wave 1 measured from the low of Wave 2, making it the most profitable wave to be in.
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