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/ Neo Wave theory. Part 2. Basic information on Polywaves and Structure labels

Neo Wave theory. Part 2. Basic information on Polywaves and Structure labels

NeoWave Theory by Glenn Neely. Polywaves: structure labels and organization

Dear friends!

In the previous training article (https://www.litefinance.com/blog/for-professionals/neo-wave-theory-part-1-rules-of-creating-charts/), I described

basic rules to identify monowaves. Before we deal with the rules of retracement, I would like to explain the basic principles of wave
patterns described in Mastering Elliott Wave by Glenn Neely, I will also explain wave structure labels. Mastering the Elliott Wave theory will help
you carry out a thorough technical analysis and be successful in trading stocks, currencies, cryptocurrencies, and commodities.

Basic information on polywaves and their structure

Wave patterns are structured series of monowaves that fall into two logical classes: Impulsions and Corrections. If you have read my previous
articles dealing with the Elliot wave theory, you must be familiar with the concepts of impulse and corrective waves.

Impulsions
In the NeoWave theory, impulses must obey the following rules:

1 Impulsive patterns are usually comprised of five individual segments that are labeled with numbers from 1 to 5 and meet the conditions of
trending or terminal patterns. A trending pattern is a pattern whose projections of waves 2 and 4 don’t overlap. The terminal pattern is a
wave pattern, where the projections of waves 2 and 4 overlap. I will cover these concepts in greater detail in the section devoted to the rules
of overlapping.

2 Three of these segments must be unfolding in the same direction.

3 The second segment (wave) is progressing in the opposite direction relative to the first, but it doesn’t reach the starting point of the first
wave.

4 The third segment (wave) should be longer than the second wave and can’t be the shortest among of waves 1,3 and 5.

5 The fifth segment is almost always longer than the fourth wave and must be at least 38.2% of the fourth. If its length is from 38.2% to 100%
(not including) of the fourth wave, the fifth wave is called failed.

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7/16/22, 8:19 AM Further description of Elliot wave theory by Glenn Neely NeoWave | Litefinance | LiteFinance (ex. LiteForex)
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(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_1.jpg?
q=75&s=a373c344699947666cd46cf8bb61c19c)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​
The BTCUSD (https://my.litefinance.com/trading/chart?symbol=BTCUSD&returnUrl=true) chart displays the impulse. The start and the end of
each wave are marked with red circles, the numbers of the segments are around their ending points.

Remember, one of the impulse waves (1,3 or 5) is extended, it is longer and more complex than other waves. In our example, the fifth wave is
likely to be extended.

(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_2.jpg?
q=75&s=d686dc837a71c9c1d57a641069b1b9e2)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​

Price projections of waves 2 and 4 partially overlap (blue and green areas), and so, the wave pattern being studied is a terminal pattern.

Corrections
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7/16/22, 8:19 AM Further description of Elliot wave theory by Glenn Neely NeoWave | Litefinance | LiteFinance (ex. LiteForex)
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If one of the above conditions is not met, the price action is corrective. Accordingly, corrections are wave patterns appearing between impulses.
They could be simple or complex, A simple correction is comprised of three or five monowaves labeled by Latin letters from “a” to “e”. Complex
corrections are made of several simple corrections that are linked by linking waves, or x-waves.
☰
There are three basic classes of simple corrections:
Flats. A flat can be fit between two horizontal lines drawn between the high and the low of the wave. In a regular flat, other waves won’t break
through these levels. Penetration can be created if there are stronger (longer) waves.

(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_3.jpg?
q=75&s=62a12723689e6328f7d7ea30680b6eab)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​
The chart displays a flat that is between horizontal pink lines drawn through the high and the low ow wave a. The starting and the ending points
of segments are marked with red filled circles. The distinguishing letters are near the termination points of the segments.
Zigzags. They also consist of three waves but feature more intensive price movements.

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(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_4.jpg?
q=75&s=26f5d1f49dd560c87d7be18d54458ea6)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​
If we zoom out the scale of the previous chart, we will see that the correction, which we analyzed above, is preceded by a zigzag (I left the basic
labels of waves in simple patterns as letters a, b, c). Both patterns are linked with x-waves. The z-wave may not be as clear as in the example, it
can look like one of the monowaves.
Triangles. These corrective patterns can be placed between contracting or expanding lines. The lines are build according to the so-called points
of touch that can be any 4 points out 6 highs or lows of the segments.

(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_5.jpg?
q=75&s=d51085590fbef13a8e938cab22dfd6f9)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​

The above chart presents an example of a triangle. Note that, in this case, the start of the a wave and the end of the e wave are outside the area
between two contracting lines. In the first case, the starting point of the a-wave is not important to draw the borders of the triangle. In the
second case, the e wave penetrates the border. Live Chat (https://my.litefinance.com/?openPm=2)
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7/16/22, 8:19 AM Further description of Elliot wave theory by Glenn Neely NeoWave | Litefinance | LiteFinance (ex. LiteForex)
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There are many types of triangles: contracting, expanding, limited, non-limited, horizontal, irregular, motive. I will cover the types of triangles in
more detail after the section devoted to the Rules of Retracement.
☰
Structure Labels
Before I deal with the rules of retracement in detail, I would like to focus on structure labels that youchave already seen in the section devoted to
the first condition of the Aspect-1. One of the elements raising many questions is the so-called Position indicator – letters “c”, “F”, “L” and so on,
preceding threes (“:3”) and fives (“:5”), which traders, familiar with the Elliot wave theory, understand better.

There are two types of structure labels:

Base structure labels, without identification of the position;

Positioned structure labels are preceded by Position indicators, which identify the position of each segment within a standard pattern, for
example “:F3” or “:s5”.
If the wave being studied contains a structure list that consists of a few structure labels, the Position indicator will help you select the needed
alternative and bring the pattern to the single labeling. When the waves in the chart contain one structure label each, they can be used to identify
the starting and ending points of the wave patterns.
Neely suggests separating structure labels in two ways, using “-” or “++”. The “-” sign is used to separate elements of the same standardized price
patterns, The “++” sign is used to separate two standardized wave patterns and x-waves, emerging between them in complex corrections.

Base structure labels

“:3”
This sign indicates a three, any corrective wave within a zigzag, flat, triangle when you don’t know its position in the sequence.

“:3” (underlined)
This is the so-called last three within a complex correction, the final segment. If there is a triangle within a complex correction, it will most
commonly be the final three.

“:5”
The structure label “:5” is an abbreviation for any impulse wave that is not the final of the Elliott wave pattern. A five can be the first wave in an
impulse or a zigzag or a central element of an impulse or a complex correction.

When you analyze the first five in the formation, you should remember that the length of the following wave should be more than 61.8% of the
first five, after that, the price must cross the level of the five’s termination point. If this condition is not met, and “:5” is not the only label in the
structure list of the wave being studied, it should be eliminated.

Structure labels with Position indicators

“:F3”
Structure label “:F3” indicates the first three (First 3). Threes are patterns comprised of three segments, for example, zigzags or flats. The “:F3”
label marks the wave that is the first segment in a complex correction, or the wave appearing between two impulse fives. If the first two threes
appear next to each other, the second one begins a new pattern (of a smaller degree). When you analyze the wave, circle the starts of both “:F3”
waves but do not connect the points until the second “:F3” becomes an element of the polywave comprising the waves following the second “:F3”.

“:c3”
This label marks the central threes (Center 3). Waves labeled “:c3” can never start or end a sequence, so, they are never followed by a large
violent price move.
Besides, if one of the labels of the first or the last wave in the sequence is “:c3”, the label can be eliminated from the list. If “:c3” occurs as an
element of one of the simple price patterns, the start of “:F3” should be circled.

“x:c3”
This structure label is the abbreviation for “center three (3) in the x-wave position”. A wave with such a label can never start or end a sequence.
So, when an “x:c3” is followed by a large violent move (relative to surrounding activity), it is almost always wave a of a non-limiting triangle.
An “x:c3” occurs between standard Elliot patterns as a connecting wave, it connects single corrections, building larger formations. So, if an “x:c3”is
an alternative label in the structure label list for the first or the last wave in a sequence, it can be eliminated from the structure list.

You should also consider that an “x:c3” wave, except for rare occasions, can’t have a more complex structure than the preceding and proceeding
standardized patterns.

“:sL3”

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This structure abbreviation stands for the “second to Last three (3)”. An “:sL3”never begins or ends an Elliott Wave pattern. Besides, an “:sL3” is
always followed by its partner, the “:L3” label. The grouping of labels of “:sL3”- “:L3” always indicates either a triangle or a terminal pattern
forming.
☰
“:L3”
This structure label marks the Last three (3). It can follow either a “:sL3” or “:c3”.
If an “:L3” is the shortest wave in the pattern, it requires its own price distance (plus one time unit – a week, a day, an hour, according to the
timeframe being analyzed) be completely retraced in the same amount of time or less than the “:L3” took to form. Like an “:sL3”, an “:L3” is an
element of a triangle or a terminal pattern. Therefore, by applying the Impulse Construction rules, you can decide whether it is a terminal pattern
(if the market action obeys the rules described above) or a triangle (if the rules are not followed).

(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_6.jpg?
q=75&s=be3e651b9ec3c85862a3b7195bff67e8)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​

Let us go back to the triangle studied above and add Structure labels to each segment. Wave a is the first three (:F3), the middle waves are the
center threes (:c3s), they are followed by the second to Last three (:sL3), and next, there is the Last three (:L3).

“:s5”
This structure label is an abbreviation for “special five”. An “:s5” is usually an element of a complex Elliot Wave pattern, in rare occasions, it is the
third segment of a trend impulse with an extended or failed fifth wave. If an “:s5” is a single label in the structure list, it must be connected with
the structure labels of the preceding waves. There can be only two sequences of the preceding waves, “:5-F3” and “F3-c3”.

“:L5”
This is the abbreviation for the “last five (5)”. An L5 is always a conclusion of a larger Elliott pattern or the termination of larger degree patterns.
The minimum confirmation of an “:L5”requires that the trendline drawn across the end of m(-2) and m0 should be broken in a period of time
equal to that of the “:L5” (plus one time unit).
Remember, according to the Position rule, the monowave being studied is labeled m1, the past waves are labeled in chronological order as m0,
m(-1), m(-2) and so on. The future waves are labeled m2, m3, and so on.
An “:L5” wave should be preceded by an “F3” or an “c3”. If you see that it is preceded by an impulse (:L5, :s5 or :5), the ends of both waves (the :L5
and the impulse) should be circled.

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(https://cdn.litemarkets.com/cache/uploads/blog_post/cryptocyrrency/hyipov/2020.03.15/BTCUSD_hyipov_7.jpg?
q=75&s=8a714040337adf957a55e8a1a2de4302)
(data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==)​
In the above chart, wave m1 is the last five. Let us check the minimum confirmation. We draw the green line, connecting the ends of m(-2) and
m0, and visually compare the time period of m1 forming (the green area) and the time taken to break through the trendline, starting from the
end of m1. As you see, the trendline is broken in a shorter time. Besides, the “:L5” is preceded by the “:c3” and the “:F3”.
That is all for today. In the next training article (https://www.litefinance.com/blog/for-professionals/neowave-part-3-retracement-rule-1/), I will
deal with the Rules of the retracement relations and explain when you can apply the structure labels described above.

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Price chart of BTCUSD in real time mode

Periods M1 M5 M15 M30 H1 H4 D1 W1

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☰
Zoom 1D 1W 1M 3M 6M 1Y ALL

45k

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17 Mar. 2020 16:00

Neo Wave theory. Part 1. Rules of creating charts

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24 Mar. 2020 16:15

NeoWave. Part 3. Retracement Rule 1.

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