Where To Start Your Elliott Wave Count From?
This question is often asked by beginners who are studying Elliott Wave Theory.Beginners think that by counting waves they can deduce the next price movement.
For instance, if the trader or the analyst counts 5 motive waves, then he will expect that the price will fall in the next movement as a corrective wave.
If that primitive method way may suit some beginner traders, but this method represents a big mistake that you must avoid.
Counting waves always come from the largest available data of the wave degree which shows important details that must be followed to know more information for the long-term and medium-term waves.
We will show an important example of the availability and scarcity of historical data.
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If We Have More Historical Data For Longer Periods, Will This Change Our Expectation For The Next Movement?
The answer is definitely yes, when we get more historical data, it becomes clear the correct pattern for the next movement.The more data, the greater the accuracy in the analysis and the ability to anticipate the correct movement.
To have a more precise analysis, the wave analyst have to search for the largest possible amount of historical data, and he had to start analyzing these data according to the wave degrees.
For example, we will assume that the maximum possible data on the monthly chart is part of the grand super cycle degree and we will go down from it to the lowest degrees.
So we can analyze the monthly chart as grand super cycle followed by the weekly chart which is the super degree, then to the daily chart which is the cycle degree passing through primary degree on the 12h, then to the intermediate degree on the 8h cart, followed by the minor degree on the 4h chart and then the minute degree on the 1h chart then the minuette degree on the 5min chart and finally the sub-minuette degree on the 1min chart.
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