The Elliott wave forecast is the process of using the Elliott wave theory to predict or
predetermine future price moves or structures in view to time the financial markets
more precisely.
For example an Elliott wave expert will forecast a sharp correction if the fifth Elliott wave
is an ending diagonal. Another example is when an X-wave is in place, Elliott wave practitioners will forecast that Y-wave correction will be the next price move.
A more advanced Elliott wave forecast consists of using both the structures of the first and second waves to forecast both the motive wave (trending phase) and corrective phase.
As you can see, the Elliott wave analysts are using the Elliott wave rules to interpret the past wave patterns in order to make future projections or wave forecasts.
The highest level of the Elliott wave forecast is to combine the normal Elliott wave forecast with the predictive fractal patterns of Mr Benoit Mandelbrot. Sometimes, an ordinary Elliott wave student can easily begin to forecast the financial markets by learning the thirteen Elliott wave patterns. For example, the easiest Elliott wave forecast is to forecast the last segment of an Elliott wave pattern by paying attention to the prior internal waves.
We know that the internal waves of a flat correction is 3, 3, 5. So an Elliott wave trader will forecast the C-minor-wave after the first two internal waves. He or she will be expecting the last segment to be subdivided into five minor waves. One can also forecast the C-minor-wave of a zigzag pattern as one knows its structure 5, 3, 5.
So the more Elliott wave patterns one understands, the easier it will be for one to begin to forecast the markets without assuming anything.
Please do not go around shouting that you are an Elliott wave expert just because you start forecasting the markets. Yes, one can become an Elliott wave expert, but it will take a bit of time and experience to get there.
Also, just spotting the oddness of an Elliott wave structure can help an eagle-eye wave trader to predict what is right in the corner. For example the structure of the ending diagonal is odd.
A motive wave with the structure 3, 3, 3, 3, 3 is really odd. Another example of odd wave structure is the ABCDE corrective wave with the internal waves 3, 3, 3, 3, 3. That is also odd because a normal corrective wave has three segments.
Note that every odd wave structure or pattern reveals that the next price-action is likely
to come with a strong momentum and may be extended. Just say that this is a kind of revelation. In fact many Elliott wave traders may not understand what I have just said.
I will not say more right now. However, I will be discussing the odd wave structures on
24Elliottwaves YouTube channel.
Elliott wave traders who also understand other financial markets principles will improve their Elliott wave forecast like a guru.
One can learn the Elliott wave rules or principles and still lack the mindset to forecast the financial markets more accurately. Moreover, one can purchase the Elliott wave forecast service without making a good use of it. One can also misuse the Elliott wave forecast when one uses it like a scientific formula.
One can fail as an Elliott wave analyst if one ignores the price-action when one is forecasting the next price move.
The Elliott wave forecast is an expectation that derives from the application of the Elliott wave rules, but should be used without assuming anything. Once the Elliott wave forecast is completed, one must put the forecast aside and concentrate on the price-action, market patterns and principles.
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