Question of the Week: 6/11/2020
When an X-wave is longer in price than the prior A-B-C, should it be longer or shorter in time than the prior A-B-C. In your book you state it must be longer if the X wave is larger, Yet in your videos you state that X waves should be shorter in every instance. Please could you clarify your thoughts on this.
Mastering Elliott Wave was written 30 years ago, when I had only 7 years experience analyzing and trading markets - I've gained a lot of knowledge since. Below are Rules for X-waves that you can depend on and which override anything written in my book (if there is contradiction).
1. You NEVER want an X-wave to take more time than the prior A-B-C, regardless of whether it is larger or smaller in price.
2. You NEVER want an X-wave to contain more monowaves than the prior A-B-C
3. You NEVER want an X-wave to be more than 161.8% of the prior A-B-C in price
If what you think is an X-wave does not adhere to the above rules, forget the X-wave idea and look for another Wave labeling solution.
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