Harmonic pattern forex factory
Within Elliott Wave terms, the AB leg may be a failed wave 3 of a corrective "abc" or a failed wave 5 of an entire completed trend. Although these are obvious similarities, from the Harmonic Trading perspective, it is important to examine the structure via its relative Fibonacci measurements to satisfy the pattern requirements.
It is important to note that the measurements utilized to define the Potential Reversal Zone PRZ are different from all other harmonic patterns in two distinct ways. The Pattern By Scott M. Carney Copyright HarmonicTrader. Basic Requirements Although the pattern incorporates 5 points within the structure X, A, B, C, D , the starting point of the structure 0 can be the beginning of any extended price move.
However, the initial point X must possess a specific alignment with respect to the A and B point. The X, A , B formation of the structure is usually some type of impulse move. The XA projection that defines the B point can not exceed a 1. Any extension greater than a 1. Again, this is the failed wave 3 or wave 5 — in Elliott Wave terms — that establishes the rest of the structure.
The BC leg is the longest price length of the structure and must be at least a 1. This tight range of 1. If the 1. The following illustrations and examples will clearly explain these concepts. The initial point X acts as the low of this prior substantial decline. After a quick reactive bounce to the A point, the structure abruptly continues the decline, only to find support slightly past the prior low at X. We encourage affiliates to choose the program that best suits their needs and works best for their customers.
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