I really enjoy your posts and I've been studying some TA in the last weeks.
I get how Elliott waves work based on the Fibonacci ratios, but I can't understand if the new cycle starts right away or if there are phases when the price struggles for some time before beginning a new cycle with an impulse. XLM, for example. Is the first yellow circle the beginning or is that just the price hitting a buy wall and recovering (with the second circle being the first impulse)?
The retracement of the first impulse after the 33 cents bottom is compatible with the theory.
Regards.Hello @haejin.
i think impulse counting is subjective. its your choice.
we can name it after all impulses are shown. just guess it before.
Where's the impulse?
Probably you meant wave counting.
whats difference between impulse and wave? can you explain it please? english is not my mother language
They all are waves. But impulse waves have specific Impulse Wave patterns.
impulse = Eliot wave count 1~5
do i correct?
Yes, it consists of 5 sub-waves. It is written in the link I gave earlier.
is this the support making most of those bounce backs?
I think xlm just finished its abcde triangle. Your second circle being e. Therefore now it is in the first impulse. Only my opinion though which ain't worth much
second circle should be lower than first circle, to be E