Difference between ABC and WXY Elliott Corrective Waves
ru.tradingview.comElliott Wave Principle, developed by Ralph Nelson Elliott , proposes that the seemingly chaotic behaviour of the different financial markets isn’t actually chaotic.
In fact the markets moves in predictable, repetitive cycles or waves and can be measured and forecast using Fibonacci numbers.
Elliott wave predicts that the prices of the traded financial instrument will evolve in waves: five impulsive waves and three corrective waves.
This educational article aims to present only the difference between ABC and WXY corrective waves and will not cover other wave paterns (triangle corrective waves , or any of the impulsive (motive) wave structures) Both ABC and WXY corrective waves are patterns made of 3 waves (swings) corrective structure and this similarity mostly confuses practitioners while labeling.
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