Should Phi Day be celebrated on 6-18 or 8-14? Why not both? We can explain.
In the first article of this series, you learned about the basics of Elliott wave patterns. The second article introduced you to "alternate counts" and ways to identify the market position in the wave pattern. This article is about the Fibonacci sequence and the ratios within the sequence that guide the shape of Elliott waves.
When something sounds esoteric – like Fibonacci trading – the brain sometimes goes into avoidance mode. "Don't make me think that through," it says, "just let me get it quickly." Here's a quick lesson from Bob Prechter of Elliott Wave International.
Leonardo Fibonacci of Pisa was the most important mathematician of the Middle Ages. In 1202, he wrote a landmark book on arithmetic, which popularized the decimal and Hindu-Arabic numbering system that we use today. His other discovery, what we now call "Fibonacci numbers," has had a profound impact on the analysis of modern financial markets.
Announcing EWI's New eBook ...
In this exciting new 45-page eBook, Jeffrey Kennedy shows you – using fresh, real-life market examples – how you can use simple, yet powerful, chart reading techniques to improve your trading.
Download your copy today!
Club EWI Members: Click Here
In this exciting new 45-page eBook, Jeffrey Kennedy shows you – using fresh, real-life market examples – how you can use simple, yet powerful, chart reading techniques to improve your trading.