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These days there's no shortage of books about trading. You could read for months before you find a book that applies to your trading style.
The free 45-page eBook -- The Best of Trader's Classroom -- is specifically for Elliott wave traders. This excellent eBook will save time and deliver the knowledge you want.
It's written by Elliott wave trader Jeffrey Kennedy: He had individuals like you in mind when he said:
I began my career as a small trader, so I know firsthand how hard it can be to get simple explanations of methods that consistently work. In more than 15 years as an analyst since my early trading days, I've learned many lessons, and I don't think that they should have to be learned the hard way.
The Best of Trader's Classroom offers 14 trading insights that you can use.
Consider these examples of what you'll learn:
-- Use bar patterns to spot trading setups
-- Use the Wave Principle to set protective stops
-- Identify Fibonacci retracements
-- Apply Fibonacci ratios to real-world trading
Jeffrey also discusses corrective patterns, including the triangle formation. Here's an edited excerpt:
Triangles are probably the easiest corrective wave pattern to identify, because prices simply trade sideways during these periods. [The graphic below] shows the different shapes triangles can take.
Triangles offer an important piece of forecasting information -- they only occur just prior to the final wave of a sequence. This is why triangles are strictly limited to the wave four, B or X positions. In other words, if you run into a triangle, you know the train is coming into the station.
Jeffrey goes on to provide three real-world examples of the triangle price pattern. Here's one of them with his accompanying commentary.
[The chart above] shows a slight variation of a contracting triangle, called a running triangle. A running triangle occurs when wave B makes a new extreme beyond the origin of wave A. This type of corrective wave pattern occurs frequently in commodities.
Learn more about Jeffrey Kennedy's 14 trading insights in The Best of Trader's Classroom.
This chart-packed 45-page eBook is yours to access FREE after you join Club EWI. Membership is also free.
Fibonacci is the mathematical basis of the Wave Principle. You will often find that Elliott waves correct in terms of Fibonacci ratios. The following article explains what you can expect when a market begins a corrective phase.
If you are interested in learning more about using Fibonacci in your trading, get your free 14-page eBook, How You Can Use Fibonacci to Improve Your Trading.
Retracements -- Corrective Waves
The chart on the left shows a wave 1 followed by corrective wave 2. It is common for second waves to retrace .618 of wave 1 -- thereby making a deep retracement. Another common retracement for wave 2 is .786. You might even see .5, 50%, but .618 is more common. The chart on the right shows the most common retracement for a wave 4. Fourth waves will commonly retrace a smaller percentage or .382 of wave 3. We might also see something like .236.
Below you can see an impulsive 5-wave move on the chart of the S&P 500. Wave 2 is an expanded flat. Wave 4 is a zigzag. Let's look at the retracements that waves 2 and 4 make.
Wave 2 made a deep retracement -- close to .618. On the Fibonacci table you can see the .382, .5, .618, and .786 retracements. The .618 retracement comes in at 1087.75 and the S&P low is 1090.19.
Wave 4 made a shallow retracement of wave 3. It went just beyond the .382 retracement at 1169.1, bottoming at 1163.75.
In a nutshell, this is what we mean when we say that Elliott waves often correct in terms of Fibonacci ratios.
If you'd like to learn more about Fibonacci and how to apply it to your trading strategy, download the entire 14-page free eBook, How You Can Use Fibonacci to Improve Your Trading.
EWI Senior Tutorial Instructor Wayne Gorman explains:
See how easy it is to use Fibonacci in your trading. Download your free eBook today »