Part Retracement Rule 6. After measuring the relation of m0 to m1, we pick up one or several of the conditions and mark the waves with the corresponding structure labels. Condition a. In this case, the first or second monowave immediately after the end of m1 may start a complex correction moving in the opposite direction of m1, representing the x-wave. In an alternative scenario, m1 contains a "missing" x-wave in its center, or m1 is the 3rd-wave of a 5th-failure impulse pattern trending or terminal.

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Part Retracement Rule 6. After measuring the relation of m0 to m1, we pick up one or several of the conditions and mark the waves with the corresponding structure labels. Condition a. In this case, the first or second monowave immediately after the end of m1 may start a complex correction moving in the opposite direction of m1, representing the x-wave. In an alternative scenario, m1 contains a "missing" x-wave in its center, or m1 is the 3rd-wave of a 5th-failure impulse pattern trending or terminal.

Remember, I covered the basics of Elliott wave patterns, x-waves, trending, and terminal impulse patterns, as well as basic structure labels in the second part of the NeoWave series. Considering the missing x-wave scenario, circle the center of m1 and place ":5? If the first three monowaves of m2 retrace more than If m3 is less than So add" :L3 " to the structure list.

Let us see how rule 7 a works on the example: First, we check if the current market situation refers to rule 7. Wave m2 is moving in the opposite direction of m1 and retraces more than So, the activation requirement of rule 7 is met.

Next, we pick up the relevant condition of rule 7. The next step is to find out the relevant paragraph of the a condition. As m2 its start and end are marked with red circles in the chart , is a polywaves that is composed of three monowaves, the second paragraph of the a condition applies there.

The final step is to pick up the relevant structure label. Condition b. If the first three monowaves of m3 do not retrace more than In an alternative scenario, m2 has a "missing" b-wave in its center, or m2 is the 3rd-wave of a 5th-failure impulse pattern trending or terminal. Besides: If more than five monowaves are required to retrace more than The scenario suggesting the end of the complex correction will be confirmed when the market violently turns in the opposite direction of m1 and m3 exceeds the The termination of the complex correction would be at the beginning of the violent turn-around.

To consider all these possibilities, place "x:c3? If the first three monowaves of m3 retrace more than So, place ":c3" at the end of m1. If m4 is more than If m1 is not much more than If m3 is at least If m2 plus one time unit is completely retraced in the same amount of time or less that it took to form, m2 may finish a trending impulse pattern. Then, place ":L5" at the end of m1. Let us see how rule 7 b works on the example: First, we check if the current market situation corresponds to retracement rule 7.

It is clear from the above chart that m2 is more than Therefore, the requirements of rule 7 are met. The next step is to pick up the relevant condition of rule 7. We can state that the wave structure corresponds to the b condition, its second paragraph. And, finally, we identify the structure label. In our case, the most relevant seems to be the second condition of the second paragraph of rule b. It is clear from the chart that m1 is little more than Neely accepts a failure to comply with some conditions.

Note that the exact position of the wave being analyzed can be identified after studying the surrounding waves. Condition c. If m0 is between So, place ":L3" at the end of m1. And so, place ":L5" at the end of m1. Add ":sL3" to the end of m1 5. If m1 plus one time unit is completely retraced in the same amount of time or less that it took to form, andm2 is at least Let us see how rule 7 c works on the example: First, we check if the current market situation satisfies the requirement of rule 7.

It is clear from the chart that m2 is more than Therefore, the criteria for the seventh rule are met. Next, we identify the relevant condition of the seventh rule.

It is clear from the above chart that wave m0 is between Now, let us identify the paragraph of the c condition that refers to our example. Only paragraph 2 corresponds to our situation. Wave m -4 the blue area in the chart is longer than m -2 the green area. Therefore, m1 is likely to finish a contracting triangle. Condition d. If wave m0 is more than If m0 minus one time unit is less than or equal in time to m1, or if m2 minus one time unit is less than or equal in time to m1, andas long as m1 is not simultaneously less in time than both m0 and m2, m1 may be a part of a zigzag or impulse pattern, place ":F3" at the end of m1.

However: If m -1 and m1 are almost equal in price or time or both or related in either case by So, add an "x" in front of ":c3. But if there are other structure label possibilities for m1 other than ":c3," the x-wave could be at the end of m -l or m 3. If m0 is the longest of m -2 , m0 and m2, the x-wave may be "missing" in the center of m0, mark the center of m0 with a dot and put "x:c3?

If the group of waves m -2 through m2 constitutes a complex correction with a "missing" x-wave, the market should retrace between If the "missing" x-wave complex correction is retraced less than Either the wave group of m -2 through m2 does not make up such a pattern or the complex correction is part of a terminal impulse pattern.

However, If m -2 is less than However, If m -1 and m1 are equal or related by In this case, place ":L5" at the end of m1 7. Let us see how rule 7 d works on the example. First, we check if the current market situation corresponds to the requirements of rule 7. It is clear from the chart that m2 is more than m1.

So, rule 7 works here. The next step is to pick up the relevant condition of the seventh rule. Wave m0 is more than So, the d condition works here. And, finally, we determine the structure label. It is clear from the chart that only the first part of the fourth paragraph of the d condition is met.

Wave m1 is less than or equal to m0 and m2 in time. When you analyze the chart, having determined the rules and the conditions to apply to the current wave, analyze the next wave, and do the same with all the important waves in the chart. In the next educational articles, I will cover the Elliot wave patterns, rules of construction and development.

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## NeoWave. Part 11. Retracement rule 7.

His now-famous NEoWave forecasting methodology provides a precise, step-by-step, logical assessment of market structure, which typically leads to more accurate forecasts. What is Elliott Wave theory? The Elliott Wave Principle, named for its discoverer, Ralph Nelson Elliott, quite simply measures how groups of people behave. One of the easiest places to see this phenomenon at work is in the financial markets, where changing investor psychology is reflected in the form of price movements. While it had been thought that traders behaved in a somewhat chaotic manner, R. Elliott discovered they actually traded in repetitive cycles, which, it turned out, were the emotions of investors as a result of outside influences.

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