For consistent trading, use Elliott as your metronome.
By Elliott Wave International
When you are new to trading with Elliott Waves, it can take some time before each pattern is easy to recognize and understand. But as with new music, the more you listen the more the particular rhythm and meaning stand out.
There may be as many approaches to market forecasting as there are genres of music, yet once you find a style that you like — in trading or in tunes — the patterns that drive each move (whether it’s a pip or a note) become evident.
When it comes to Elliott Wave analysis, one of the foundational “beats” in any market is the zigzag. And when you’re just starting to find your trading groove, it’s important to understand how these corrective patterns unfold.
Last week you learned what the zigzag shape looks like, in contrast to the other sideways structures (if you missed it, watch here >>).
Now, take a look at the three types of zigzags — and, so that you don’t miss a beat, learn why double and triple zigzags exist.
(Note: If you are interested in getting a strong foundation in the Wave Principle, check out our free Elliott Wave Tutorial — find out how below.)
To be a consistently successful Elliott trader, you need to be able keep up with the rhythm of the market.
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This article was syndicated by Elliott Wave International and was originally published under the headline Basic Elliott Video Lesson — Characteristics of Zigzags. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.