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Elliott Wave Theory

Developed by Ralph Nelson Elliott in the 1930s, this technical analysis technique uses wave theory to predict possible price behavior. The most basic idea is that the market follows a pattern of three impulse waves labelled 1, 3 and 5, with two corrective waves (counter-trend direction) in between hence a 3-wave correction named A-B-C. The complete cycle is made up of 8 waves in total.

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