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The Elliott Wave Theory is a concept in technical analysis used to analyze financial market cycles and forecast future price movements. Here's a simple explanation:

Basic Concept: The theory proposes that market price movements follow repetitive patterns, known as waves, which are influenced by investor psychology and crowd behavior.

Five-Wave Structure: According to Elliott Wave Theory, market cycles consist of impulsive and corrective waves.

Impulsive waves: Move in the direction of the larger trend and are composed of five smaller waves labeled as 1, 2, 3, 4, and 5.

Corrective waves: Move against the larger trend and are composed of three smaller waves labeled as A, B, and C.

Three Rules for Impulsive Waves:

Wave 2 cannot retrace more than 100% of wave 1.

Wave 3 cannot be the shortest of waves 1, 3, and 5.

Wave 4 cannot overlap with the price territory of wave 1.

Wave Interpretation:

Waves 1, 3, and 5 represent the direction of the primary trend (upward or downward).

Waves 2 and 4 are corrective waves that provide opportunities for market participants to enter positions in the direction of the larger trend.

Corrective Waves:

Corrective waves (A, B, and C) retrace a portion of the preceding impulsive wave.

They provide a temporary pause or counter-trend movement within the larger trend.

° Traders and analysts use Elliott Wave Theory to identify potential entry and exit points in the market, determine price targets, and assess the overall market trend.

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