The Nelly Elliott Wave Indicator, a technical analysis tool used to identify Elliott waves in the market, is called the Nelly Elliott Wave Indicator. Ralph Nelly is the inventor of the indicator.
The indicator distinguishes three types of waves: corrective waves and impulse waves. Corrective waves move against the trend while impulse waves move in the same direction.
Diagonal waves can be described as a type corrective wave that moves in either a sideways, or sloping manner. The Nelly Elliott Wave indicator can be used to trade both long-term and short-term trends. To confirm wave patterns, it is best to use it in conjunction with other technical indicators.
Nelly Elliott Wave SELL / BUY Signals
This indicator is based upon the concept that markets move in waves. Each wave has a unique shape and size. The Elliot Wave indicator is versatile and can be used at any time, but it’s most often used in the daily and weekly timeframes.
- BUY: The indicator generates this signal when it detects three waves that are growing in size. The first wave is usually small while the second and three waves are larger.
The Nelly Elliot Wave, a powerful technical indicator, can help you forecast future price trends using data. This indicator is free to download for mt4.