Glenn Neely's MEW Chapter 3 Rules 1 Over View

Glenn Neely's MEW Chapter 3 Rules 1 (a)

<Rules 1 Position Identification Picture>

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<Describing with imaginary pictures accompanied by Glenn Neely's Rules>

Understanding the Rules described in Chapter 3 of Mastering Elliott Wave by Glenn Neely

Understanding: Chapter 3

As R. N. Elliott’s theory of 8 wave structure is easy to understand but difficult to identify in real time from market price action movements, we must take other resources as a supporting knowledge. We understand the waves after formations, but we cannot determine which wave is forming right now or in the time of formation of the waves. To pin point this matter, the book, “Mastering Elliott Wave” by Glenn Neely is a good choice for it, but it is a complex book with several identification points which seem very hard to understand. The good news is, if one can understand properly, it will be great benefit for him to see the market as a winning playground. “Making Money” from trading, requires right decisions on proper time. Elliott Wave Analysis is one of the greatest tools like:  GANN method.

I will take time to make it complete, it may take years to do it, as a common student of Technical Trading; I am trying to learn it. Currently, I am studying Chapter 3, besides, my own study, I want to make notes for my own future reference. The book is full of illustrative figures and pictures, but, here, I would put several pictures/figures which Glenn Neely did not put besides his Rules (in Chapter 3). Please note that, the slightest misunderstanding of Rules will bleed your profits and investments. To reduce common misunderstanding, this is my attempt to work on this matter here in this blog.

My humble request is, please, study the core book, and then studies these pages, to match with your understanding, if you find any mismatch, you can directly mail me with your own explanation, so that I can adjust my understanding besides updating these pages.

I do believe: knowledge should be open for all. And I work to establish my beliefs, this one of the example of that belief.

So, lets start:

Rules 1 Over View

Rules 1: (a)