“One of my favorite Elliott wave patterns”
by Editorial Staff
Updated: June 09, 2023
Good day! Bonjour! Ni Hao! It's Murray Gunn from Elliott Wave International here. I'd like to take a minute of your time to show you one of my favorite Elliott wave patterns and what it might mean now.
Frost and Prechter's classic 1978 Elliott Wave Principle: Key to Market Behavior listed all the price patterns that R.N. Elliott had discovered back in the 1930s.
Triangles come in various forms, and they always occur in a position prior to the final actionary wave in the pattern of one larger degree. In this regard, triangles are useful patterns to recognize because the subsequent movement will always be in the direction of the previous trend.
This chart shows the amount of Swedish krona required to buy one European Union euro. A rising price indicates a depreciating value of the Swedish krona. We showed the chart in September last year when we identified a triangle pattern, which we labeled as wave (X), after an advance in wave (W) from November 2021.
Because the triangle pattern allowed us to anticipate the next movement, this enabled us to make a forecast. We stated at the time:
"It looks like the krona could have much further to depreciate versus the European Union euro..."
The krona has subsequently devalued by over 10% versus the euro, and with what looks like another triangle pattern just completed, that trend might still have further to go. In Elliott wave, identifying triangle patterns can be extremely helpful.
For more cool chats like this, stay tuned to Elliottwave.com. Until the next time, ciao!
Skip opinions. Get hard, research-based forecasts.
You hear talk about a new bull market. Others are saying, “stay short.” It’s hard to know who’s right, but the waves are offering you clarity right now.
Our European Financial Forecast Service is full of uncommonly clear market forecasts for Europe's biggest stock indexes and the euro. You get updates 3 times per week, so you can get in front of the next short-term opportunity. Every month, we show you the big-picture trends facing European markets and economies.
Stocks: Why “Uncontrollable Selling” Might Be Ahead
Financial markets which are driven by fear usually move much faster than those driven by hope. It appears the setup is in place for just such an occurrence. Here's what I'm talking about.
Chinese Investors Are Rushing into Gold. Should You?
The wild card for the global markets remains China. You've heard about its real estate problems; now the yuan is on the rocks. Here's our monthly Global Market Perspective contributor, Mark Galasiewski, with a handy chart and a few under-the-radar highlights from the October issue to give you a unique perspective on the situation.
European Stocks: “Deeper and Deeper”
October is almost here, and so far, "things are quiet" in the markets, says our monthly Global Market Perspective contributor Brian Whitmer. But watch as he lists a few items on his radar as he gives you highlights from the new, October issue.
by LiveHelpNow!