Failed Fifth Waves
Fifth wave analysis, Diagonal Triangle Wave, Triangle Trading Method, Triangle Pattern
Course: [ Harmonic Elliott Wave : Chapter 1: R. N. Elliott's Findings: Impulsive Waves ]
Elliott Wave | Forex |
Elliott noticed that on occasion Wave 5 fails to extend beyond the extreme of Wave 3 and generates a reversal directly
Failed Fifth Waves
Elliott
noticed that on occasion Wave 5 fails to extend beyond the extreme of Wave 3
and generates a reversal directly (as shown in Figure 1.12).
This
has been in mainstream Elliott Wave counting, but from my own perception it is
a convenient way to account for the loss of an extra anticipated move higher. I
feel this actually indicates that the structure is incorrect. However, I shall
discuss this later when explaining my findings.
Figure
1.13 displays two five-wave rallies, the first in Wave (A) with a distinct
extended wave in Wave (3), while the second in Wave (C) has an extended Wave 5
of Wave (5). In Wave (5) the final Wave v of 5 appears to have developed as a
failed fifth wave.
Figure
1.13 Two Sets of
Five-Wave Rallies in AUDUSD
Again,
I shall describe later in Chapter 4 why I feel this count is incorrect.
Harmonic Elliott Wave : Chapter 1: R. N. Elliott's Findings: Impulsive Waves : Tag: Elliott Wave, Forex : Fifth wave analysis, Diagonal Triangle Wave, Triangle Trading Method, Triangle Pattern - Failed Fifth Waves
Elliott Wave | Forex |
