What is this indicator?
A theory that explains collective market behavior as five waves in the trend's direction followed by three corrective waves. Interpreting Elliott Waves is more subjective than most indicators and requires a lot of practice.
How to read the chart
A pattern forming completely and getting confirmed by volume or the next candle raises the signal's validity; an incomplete or unconfirmed pattern can produce the opposite result.
Practical tip
A pattern's validity increases on higher timeframes and with heavier trading volume; on very low timeframes there's a lot of noise.