- 19th January 2021 at 9:14 pm #245685
Many Elliote wave/ Neo wave users often say that to be conservative, we have to assume pattern as a part of corrective action instead of impulsive pattern to generate conservative target. Following is a stock which has formed an 5 wave pattern in first wave. Usually to follow conservative approach, one would assume it to be a zig-zag correction. But here, wave which has been marked as wave 3 (Its an impulsive move. Can be seen on hourly chart) in the pattern if assumed to be of zig-zag, would result into extreme target of at least an equality of this wave. But if assumed to be of an impulse, gives lesser conservative target, equality with wave 1.
- 21st January 2021 at 7:07 pm #245803
Ashish Kyal, Author, CMT
Which stock is this?