Riding Elliott’s Waves
So, using your superior Elliott Waving trading skillz, you
decide to pop the Fibonacci
tool to see if price is at a Fib level. Holy mama! Price is just
chillin’ like ice cream fillin’ around the 50% level. Hmm, this could be the
start of Wave 3, which is a very strong buy signal.
Since you’re a smart trader, you also take your stop into consideration.
Since you’re a smart trader, you also take your stop into consideration.
Cardinal rule number 2 states that Wave 2 can never go
beyond the start of Wave 1 so you set your stop below the former lows.
If price retraces more than 100% of Wave 1, then your wave
count is wrong.
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