Buy a Trial Subscription and get ALL NEoWave Trading and Forecasting services for 2 weeks for only $39.
This will instantly give you access to the SEARCH function for our extensive Questions & Answers Library.
Question of the Week: 12/2/2014
It was my belief that no leg of a Triangle, except for wave-e, could itself be a Triangle. Am I correct?
Answer:
In 1990, when I released Mastering Elliott Wave (MEW), that was also my assumption. The statements in MEW were derived from 7 years of personal experience trading, forecasting markets and teaching Wave analysis. At the time of MEW's release, I had only witnessed one bull market and the start of one bear market; so, my market experience was limited. During the 25 years following its release, I've discovered neutral Triangles, 3rd-extension Terminals, Diametrics and Symmetrical patterns. All those new Wave phenomenon are explained in the Education section of the new NEoWave website - https://www.neowave.com/product-book.asp).
What I've come to realize, over 32 years, is that legs of a Triangle (if enough complexity is present) tend to mimic the behavior of the Triangle itself. So, if a Triangle is contracting, its last leg frequently contracts. If a neutral Triangle is forming, the c-wave or the e-wave has a strong tendency to produce a neutral Triangle. If an expanding Triangle is forming, wave-e has a propensity to form an expanding Triangle.
As an important end note, if your chart contains so much complexity that you can see a smaller Triangle form as wave-a of the larger Triangle, then your chart is TOO complex and must be simplified to avoid the subjectivity that comes with high structural complexity.
At specific times each week, Glenn Neely is available to answer questions, provide guidance, and offer individualized advice. This is an opportunity to speak directly with Mr. Neely to address your unique situation, advance your understanding of markets, and hone your trading and forecasting skills.
Cost is $20/minute, with a 10-minute minimum ($200 minimum charge). Your credit card will be charged after the call.
To schedule a consultation, please click on the "Request a Consultation" button below and fill out the Contact form. Our Sales Manager, Magelan Ferreira, will respond to your request to arrange a consult with Mr. Neely.