The Elliott Wave Principle is the discovery of Ralph Nelson Elliott, a professional accountant who, in the 1930s, identified that stock markets do not move in random, chaotic patterns. Instead, they follow a repetitive rhythm of (impulsive waves) and three-wave declines (corrective waves). This 5‑3 structure reflects the natural ebb and flow of investor psychology—from optimism to euphoria, then to caution, fear, and despair.
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IMPULSE PHASE (5-Wave) CORRECTIVE PHASE (3-Wave) (5) /\ (b) / \ /\ (3) / \ / \ /\ / \ (4) / \ / \ / \ / \ / \/ \ / \ / (2) \ / \ / \ / \ (c) / \ / / \ (a) / / \ /\ / \ / \ / \ / \/ \ / \/ The 5-Wave Impulse Pattern | Resource | Description | Best For |
Prices progress in a specific direction using five distinct waves.
Look for bearish or bullish divergence during Wave 5 to signal that the entire trend is exhausting.