Elliott Wave Principle Book Overview

About a year after I had first started learning how to trade, one of the resources that I had learned about that has helped me, and hopefully can help you out as well, is the "Elliott Wave Principle" book.

In a nutshell the idea behind Elliott Wave is that markets move in specific waves. They go up in 5 waves and then down in 3 waves as can be seen in the photo below. 

a299d41b6a8da68358fd57c1abefff4a6dbba39fe047909f8b53b4596ce35633.png The image was taken from here.

After a 5 wave move to the upside, it creates a wave on a bigger cycle. If you look at the numbers and letters in blue, those are the waves on a higher degree cycle. The numbers in grey are the "mini waves" that make up the larger wave. 

Just because what I've outlined above is simple to understand, learning all of the intricacies pertaining to Elliott Wave isn't easy; the picture above is just only a small portion to Elliott Wave. There's just so much information that it took me a couple of months to wrap my head around the rules and guidelines proposed in the book.

Now if you're new to trading or just starting out, I definitely wouldn't recommend starting off with this book just yet. Elliott Wave is more advanced stuff and I would only suggest learning it after you've at least learned about candlesticks and candlestick patterns along with other indicators such as the MACD and RSI. Elliott Wave definitely isn't where you would want to start.

If you're looking for a "Coles Notes" version of it, you can find a PDF here. The link can be easily found when Googling "Elliott Wave Theory PDF" as it's the first search result. However, if you're interested in the book, you can check it out here.

Here's a video for those who like videos instead.

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