Elliott Wave Cheat Sheet Mento Pdf Patched ((link))

The Elliott Wave theory is based on the idea that prices move in waves, which are repetitive and predictable. The theory states that prices move in a series of eight waves, with five waves in the direction of the trend and three waves against the trend. These waves are labeled as follows:

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| Classic Guideline | The Problem | | | :--- | :--- | :--- | | Wave 3 is always extended | Leads to premature exits. | Patch: Measure Wave 1 & 5. Only call Wave 3 extended if it exceeds 1.618 of Wave 1. | | Wave 4 is a triangle | Triangles are rare. | Patch: Assume a Flat or Zigzag first. Only label a triangle if volume drops 30% below avg. | | Wave 5 ends at parity with W1 | False reversals. | Patch: Look for Ending Diagonal (wedge) in W5. If slope decreases, exit early. | | Alternation is mandatory | Confuses beginners. | Patch: If you don't see alternation (e.g., sharp vs sideways), look for a Failure (truncated W5). | The Elliott Wave theory is based on the