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Forex Elliott Wave & Daily Technical Analysis http://www.dailyfx.com/technical_analysis/elliott_wave Elliott Wave Advanced Forex Trading Guide Movements in the direction of the trend of one larger degree unfold in five waves, called motive waves. All motive waves obey two rules: • Wave 2 never retraces more than 100% of wave • Wave 3 is never the shortest wave In this video, senior technical strategist Jamie Saettele discusses expands on the basic Elliott Wave forex guide with more details about the wave patterns Elliott discovered. Deeper look at Elliott waves In the 1930s, Ralph Nelson Elliott discovered that freely traded markets are patterned. Specifically, he discovered that moves in the direction of the larger trend unfold in five waves and that moves against the larger trend (corrections) unfold in three waves. Elliott studied multiple time frames, ranging from yearly to half-hourly, of the Dow Jones Industrial and Dow Jones Transport indices -- both considered important at the time. He found the same patterns, regardless of time frame. This concept -- that a market exhibits a similar structure at all degrees of trend (much like tree, which is made up of smaller versions of itself) -- would later come to be known as fractal. Although initially concentrated on stock markets, Elliott expanded his study to various commodities markets where he found the same patterns. He wondered why markets that are supposedly driven by different outside events would exhibit the same patterns. The answer is that market trends are not a product of outside forces, but are instead a product of human psychology, which follows the wave principle. Elliott Wave Trading Discussion on DailyFX http://www.dailyfx.com/forex_forum/elliott-wave/24204-elliott-wave-trading-discussion-3350.html Join our analyst hangouts & latest updates on Google+ https://plus.google.com/+dailyfx/posts