Hi Everybody,
Here is another perfect example of what I call “The Holy Grail” of setups. It is one I detail ion the Trading Course, and talk about a lot.
What we are looking for is an important high or low, for example the 5-wave high on the 5min YM chart. Then we need an “initial decline”, then we are looking for is the “first correction” to the “initial decline” to sub divide into a minor abc pattern. This ideally should be found as an automatic TS1 or TS3 setup.
Why is this setup so good ? Well, because after a Wave (2) correction we “usually” get a Wave (3) swing which is the strongest and longest of all the Elliott Wave sequences, so carries the largest profit potential.
So all the pieces were in place on this YM 5min Chart. With a clear 5 wave rally, then a decline then a rally into the Wave 2orB WPT......
Thanks, Steve
Here is another perfect example of what I call “The Holy Grail” of setups. It is one I detail ion the Trading Course, and talk about a lot.
What we are looking for is an important high or low, for example the 5-wave high on the 5min YM chart. Then we need an “initial decline”, then we are looking for is the “first correction” to the “initial decline” to sub divide into a minor abc pattern. This ideally should be found as an automatic TS1 or TS3 setup.
Why is this setup so good ? Well, because after a Wave (2) correction we “usually” get a Wave (3) swing which is the strongest and longest of all the Elliott Wave sequences, so carries the largest profit potential.
So all the pieces were in place on this YM 5min Chart. With a clear 5 wave rally, then a decline then a rally into the Wave 2orB WPT......
Thanks, Steve
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