TIMESTAMPS
00:23 - UTILITY
Alternation between Corrective Waves must be seen.
One of the Waves in an impulse must be extended.
Regularly switch between Log and Normal scales to view different Fibonacci pulls for your EW counts.
01:26 - IMPLEMENTATION
There are 4 types of Alternation: Time, Percentage retracement, Intricacy and Construction.
At least 1 type of Alternation must occur between Waves 2 and 4.
For Corrections, Alternation must occur between Waves A and B.
01:54 - EXAMPLE 1
The Rule of Alternation.
Wave 2 and 4 MUST be different in at least one of the Alternation types.
They CANNOT be the exact same Correction.
03:00 - IMPLEMENTATION CON’T
One Wave must always extend, and it should be at least 161.8% of the next longest wave.
The 2 non-extended Waves usually relate by 61.8% or 100%.
On HTF counts, subdivision is not important in every Wave.
If only 1 of the Wave subdivides, we may class it as valid.
04:10 - EXAMPLE 2
Example of an incorrect count is shown.
5:03 Correct Corrective count of a WXY, where the X Wave between the 2 ABC Flats is Missing.
06:11 - IMPLEMENTATION CON’T
Missing Waves can occur (normally in X Waves) where they are so small, they are not visible unless viewed on a very low time frame.
In this case, we can classify it as a Missing Wave and mark it, but we do not need to review the subdivision.
Regularly switching between Log Scale and Normal Scale allows you to view different Fibonacci Pulls for confluence.
When enabling Log Scale (the button will turn blue once clicked) make sure the Fibonacci Tool is also ticked to the Log Scale setting.
The reason for switching between the two scales is so we can check different Fib pulls and see which one “makes more sense” and has the best confluence.
There is no right or wrong answer of which scale to use, but generally Log Scale is best suited for volatile assets with historic price action (greater than 1 year).
09:10 - TIPS & TRICKS
*If Wave 2 is a ZigZag, look for Wave 4 to be a sideways Flat or Triangle.
*Always check both Normal and Log Scale for confluence.
*The “what makes more sense” instinct will come with time and experience.
*100% Elliott Waves take a lot of practice and patience to master.