top of page

Trading Courses

TRADE LIKE CRAZY - Best Intraday Trading Systems on Banknifty & NIfty 2021.png

"Elliot Waves Made Simple" By Steve Sinclair Book Review: Profile Traders

Elliot waves, like any other technical analysis tool, do not guarantee a future movement based on previous patterns.

However, when combined with other tools, they help capitalize on these wave patterns in future forecasting.

Steve attempts to make this theory simple so that most traders stay away from it as they find it overwhelming and complicated.

Elliot Waves made simple by Steve Sinclair Book Review

Elliot Waves in a Glance

The Elliot Waves were conceptualized by Ralph Nelson, it is believed to work not only in the financial markets but also in social interaction and natural phenomena. So the Elliot Waves is not only going to help you understand the trend in financial markets but also the outside world.

It works similarly to the Fibonacci magical sequence that could explain the behavior of the crowds. They expose the fight between optimists and pessimists and the strength they show.

Basics of Elliot Waves

Steve explains the different phases of the Elliot Waves simple manner. The waves move in two phases the motive phases and the correctives phases.

Motive phase

There are 4 patterns that we can identify moving with the larger trend. The patterns formed in the motive phase are labeled 1,2,3,4, and 5.

  1. Impulsive Waves

  2. Extended Waves

  3. Leading Diagonals

  4. Ending Diagonals

Some specific rules guide you to identify these waves and patterns. A fair bit of understanding is needed in identifying trends and forecasting future movements.

A detailed explanation of e