Are you searching for a review of Daneric’s Elliott Waves BlogSpot? This article is for you!
We discovered this site months ago, and we immediately liked it. The blog mainly deals with trading with the Elliott Wave Theory.
The trading blog is well structured, has been active since 2009, and has numerous posts, over 3,500 posts published.
The site is very usable, and many tools are analyzed. The graphs are very clear and offer simple operational ideas.
If you are a fan of Elliott’s Wave Theory, Daneric’s blog is a must-have.
Elliott Wave Chart from Daneric’s Blog
Elliott’s Wave Theory was born in the late 1930s by Ralph Nelson Elliott (1871-1948), inspired by Dow’s theory and the golden number of the mathematician Fibonacci.
Many traders applied Elliott’s theory to their trading strategies.
Elliott believes that stock market prices do not follow random walks, but follow repeated trend cycles which are influenced by nature and human behavior.
These movements in the financial markets have five trend waves and three consolidation waves.
In his theory, Elliott defined two types of waves: the impulse wave (which has a structure consisting of 5 waves) and the corrective wave (which has a structure composed of 3 waves).
The basic cycle consists of 8 waves: the first 5 waves form an upward “impulse” movement. The 3 sub-waves A, B, and C instead form a corrective wave.
Daneric’s Elliott Waves blog analysis.
This cycle is virtually infinite: each wave can consist of one or more cycles of shorter duration.
The complete cycle finish with 34 waves: each wave is divided according to the primary cycle. In the diagram, the main waves (1, 2, 3, 4, and 5) correspond to the primary cycle.
Subsequently, the trend reverses, with waves A and C consisting of 5 impulse sub-waves and wave b consisting of 3 corrective waves, because in Elliott theory, the cycle develops in the direction of the main trend.
The cycles consist of several waves that are based on the famous number spread by the mathematician Leonardo Fibonacci, which allows you to define the strength of the waves and their duration.
Depending on the period to which it refers, the complete cycle can contain, for example, 2, 8, or 34 waves.
Elliott classifies the waves into 9 categories, which correspond with more or less long-term cycles. This system allows identifying the position of a wave within the general progression of the market, bearing in mind that it is difficult to determine the waves in concise periods.
Daneric’s Elliott Waves Blogspot
Daneric’s Elliott Waves Blogspot is a must for every Elliott theory trader. Add
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