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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THREE-WAVE STRUCTURES
In a three-wave structure, the waves are called A, B, and C. Corrections are always counted as A-B-C. The three-wave structure, A-B-C, corrects the movement of the five-wave structure. Wave B retraces the movement of Wave A.
Price movements in a three-wave structure can be further subdivided into smaller waves. Wave A can be subdivided into five-wave movements or three-wave movements. Wave B can only be subdivided into three waves and Wave C can only be subdivided into five wave movements or a diagonal triangle pattern. The formation of an A-B-C correction will therefore consist of two main patterns: A3-B3-C5 or A5-B3-C5 (see Figure 4.9 and Figure 4.10).
FIGURE 4.9 Formation of an A-B-C correction (A3-B3-C5) after a five-wave pattern.
FIGURE 4.10 Formation of an A-B-C correction (A5-B3-C5) with extended Wave 5 in Wave C.
Wave A is the first corrective movement of an A-B-C correction. If Wave A is subdivided into a three-wave structure, then it signals the beginning of an A3-B3-C5 corrective formation. Generally, in an A3-B3-C5 formation, Wave B should do one of the following:
- Retrace approximately the entire Wave A in the case of a normal flat.
- Retrace approximately 61.8 percent of Wave A if Wave B is a failure.
- Retrace beyond the beginning of Wave A by ...
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