well Steve, the charts have spoken nicely today, so far it is a plus 14R day for me! second highest daily return to date.
Alec, Private Trader
Elliott Wave Theory interprets market actions in terms of recurrent price structures that follow the Fibonacci sequence. Basically, Market cycles are composed of two major types of Wave : Impulse Elliott Wave and Corrective Elliott Wave. Impulse wave can be sub-divided into a 5-wave structure (1, 2, 3, 4, 5), while a corrective Elliott Wave can be sub-divided into a 3-wave structures (a, b, c).
For more a more detailed look at each Elliott Wave, click on the links below: