Post by zzamand56 on Mar 12, 2024 8:47:22 GMT
Definition of the zero (initial) point and scale largely depends on the correct choice of starting point. In the first stage, we choose the market and plot a monthly high and low chart in the way I described above. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance On the chart, the highs and lows are connected by blue lines. Now, our task is to define the monowave that is closest to the center of the price range.LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance First, we define the maximum and minimum points of the period we study. On the chart, the first one is $17,215 and is marked by the green circle. The minimum is 3,204 USD.
Graphically, I marked it with a red circle. We will find the arithmetic mean of two values. (17,215 + 3,204) / 2 = 10,209 On the chart, I marked this level with a horizontal pink line. Now visually the monowave is clear, its start and end points are the closest to the center of the entire price range that we have just identified. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Belize Mobile Number List Theory: Glenn Neely's NeoWave. | Litefinance This monowave crosses the pink line, which will be our zero point. I marked it with a pink circle on the graph. This will be the starting point for the first graph of a lower grade. If we are using a four-day timeframe for the first time, we will now move to a four-hour chart. Neely notes that the second chart should include about 60 bars (candlesticks). LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance The chart above shows the sequence of 60 bars starting with the zero point identified above.
To make it clearer, I placed a pink circle around it. Now, our goal is to identify a significant high or low. In the examined sequence there is a significant minimum, marked with a red circle on the graph. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance Now, we switch to the two-hour timeframe and draw a chart that is twice as detailed as the current chart. The important low will be the starting point of the final chart for the analysis, which is marked with a red circle. If you wish, you can use other time periods, which are more suited to your current tasks. The main thing is to observe the rule of proportion that I will explain below. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave.
Graphically, I marked it with a red circle. We will find the arithmetic mean of two values. (17,215 + 3,204) / 2 = 10,209 On the chart, I marked this level with a horizontal pink line. Now visually the monowave is clear, its start and end points are the closest to the center of the entire price range that we have just identified. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Belize Mobile Number List Theory: Glenn Neely's NeoWave. | Litefinance This monowave crosses the pink line, which will be our zero point. I marked it with a pink circle on the graph. This will be the starting point for the first graph of a lower grade. If we are using a four-day timeframe for the first time, we will now move to a four-hour chart. Neely notes that the second chart should include about 60 bars (candlesticks). LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance The chart above shows the sequence of 60 bars starting with the zero point identified above.
To make it clearer, I placed a pink circle around it. Now, our goal is to identify a significant high or low. In the examined sequence there is a significant minimum, marked with a red circle on the graph. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave. | Litefinance Now, we switch to the two-hour timeframe and draw a chart that is twice as detailed as the current chart. The important low will be the starting point of the final chart for the analysis, which is marked with a red circle. If you wish, you can use other time periods, which are more suited to your current tasks. The main thing is to observe the rule of proportion that I will explain below. LiteFinance: Let's examine the latest, boldest interpretation of Elliott Wave Theory: Glenn Neely's NeoWave.