Ralph Nelson Elliott in the 1930s discovered what is now called the Elliott Wave Theory. He opened thirteen basic models or the waves that describe the cyclical trends and reversals in the market. Combining these models are larger versions of these models are available in various combinations. Thus, the method is called a fractal. Each wave consists of smaller waves, like a wave of the sea, consisting of advancing and retreating waves, which, in turn, consist of a ripple. This technique is designed to predict turning points in the mid-market values.
- Limit – limiting the number of bars for the calculation.
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