Hi fellows, We have some Elliott Wave Chart Patterns and Classical Chart Patterns. Both Looks like same but when it comes to live market. Both behave slightly different . Although there is not a big difference according to my opinion But when it comes to enter in the market then both behaves slightly different.
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Normally we call them TCP ( Trend Continuation Patterns )
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Here we have an example for ZIG-ZAG.
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Here we got the chart before the breakout. I think this gonna help many people.
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Here we got the example of flat channel or ABC FLAT
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Here we got an other example of flat ABC and flat channel.
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Here we got the example of expanding running flat and expanding triangle
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Here we got an other example of expanding triangle.
@johnmad, What trend you have over there? do you see the trend ?
johnmad
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@Wave-Trader, this is the 4 hr but it is possible for a correction .
gcplau
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@johnmad, in this particular case: #1 the trend happening before this corrective formation is downward, and majority of the case, after corrective finish, it continue the trend, in this case it's downward; #2 the corrective you plotted with a channel/trendline at top/bottom has an angle tilting upward, it also suggest a tendency of the market going the other side when this corrective complete. According to what Wave-Trader always emphasize, analysis and look at details at the TCP (trend continuation pattern....which is a corrective structure with many variants), and when it finish properly with price-action traits, the trend is expected to "continue". When I said majority of the case trend will continue after corrective, is because the exceptions happen due to where the level it show up/printed; when it's shown in a key level where market is expected to reverse, that when after the corrective finish do not go trend continue, instead it reverse. For e.g. ending diagonals, tilting up wedges, broadening triangle are common structure that happen at reversal levels. Hope this help, and I"m sure Wave-Trader will correct me if I had the concept wrong. just my 2 cents.
johnmad
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@gcplau, Thank you for your explanation, it is rely informative and i appreciate your input , the reason for me asking the questions is , I am long on this trade and hoping that price will make a short Correction to meet the bottom Green Trend Line as indicated on my chart or to the Previous Higher Low .
gcplau
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@johnmad, for the long, I shall leave it to the pros. My own view based on rsi div and hh/hl, I would look at rebound based on near fibo 38.2% and 50% as TP1/TP2 if you are to long.