Elliott Wave Theory

Have you ever heard of a charting technique that actually takes into account market psychology? If you haven’t, it’s time for you to get to know Mr. Ralph Neison Elliott.

Elliott Wave Theory

Back in the old school days of the 1920-30s, there was this mad genius and professional accountant named Ralph Nelson Elliott.

By analyzing closely 75 years worth of stock data, Elliott discovered that stock markets, thought to behave in a somewhat chaotic manner, actually didn’t. When he hit 66 years old, he finally gathered enough evidence (and confidence) to share his discovery with the world.

He published his theory in the book entitled The Wave Principle.

Elliott Wave Theory Inventor: Ralph Nelson Elliott

According to him, the market traded in repetitive cycles, which he pointed out were the emotions of investors caused by outside influences (ahem, CNBC, Bloomberg, ESPN) or the predominant psychology of the masses at the time.

Elliott explained that the upward and downward swings in price caused by the collective psychology always showed up in the same repetitive patterns. He called these upward and downward swings “waves”.

He believes that, if you can correctly identify the repeating patterns in prices, you can predict where price will go (or not go) next.

This is what makes Elliott waves so appealing to traders. It gives them a way to identify precise points where price is most likely to reverse.

In other words, Elliott came up with a system that enables traders to catch tops and bottoms.

So, amidst all the chaos in prices, Elliott found order. Awesome, huh?

Of course, like all mad geniuses, he needed to claim this observation and so he came up with a super original name: The Elliott Wave Theory.

But before we delve into the Elliott waves, you need to first understand what fractals are.


Basically, fractals are structures that can be split into parts, each of which is a very similar copy of the whole. Mathematicians like to call this property “self-similarity”.

You don’t need to go far to find examples of fractals. They can found all over nature!

Fractals in Elliott Wave Theory

A sea shell is a fractal. A snow flake is a fractal. A cloud is a fractal. Heck, a lightning bolt is a fractal.

So why are fractals important?

One important quality of Elliott waves is that they are fractals. Much like sea shells and snow flakes, Elliott waves could be further subdivided into smaller Elliot waves.

Impulse Waves

Mr. Elliott showed that a trending market moves in what he calls a 5-3 wave pattern.

The first 5-wave pattern is called impulse waves.

The last 3-wave pattern is called corrective waves.

In this pattern, Waves 1, 3, 5 are motive, meaning they go along with the overall trend, while Waves 2 and 4 are corrective. Do not confuse Waves 2 and 4 with the ABC corrective pattern (discussed in the next section) though!

Let’s first take a look at the 5-wave impulse pattern. It’s easier if you see it as a picture:

Impulse Wave or 5-Wave Pattern

That still looks kind of confusing. Let’s splash some color on this bad boy.

Impulse Wave or 5-Wave Pattern in Color

Ah magnifico! It’s so pretty! We like colors, so we’ve color-coded each wave along with its wave count. Here is a short description of what happens during each wave.

We’re going to use stocks for our example since stocks are what Mr. Elliott used but it really doesn’t matter what it is. It can easily be currencies, bonds, gold, oil, or Tickle Me Elmo dolls.

The important thing is the Elliott Wave Theory can also be applied to the foreign exchange market.

Wave 1

The stock makes its initial move upwards.

This is usually caused by a relatively small number of people that all of the sudden (for a variety of reasons, real or imagined) feel that the price of the stock is cheap so it’s a perfect time to buy. This causes the price to rise.

Wave 2

At this point, enough people who were in the original wave consider the stock overvalued and take profits.

This causes the stock to go down. However, the stock will not make it to its previous lows before the stock is considered a bargain again.

Wave 3

This is usually the longest and strongest wave. The stock has caught the attention of the mass public.

More people find out about the stock and want to buy it. This causes the stock’s price to go higher and higher. This wave usually exceeds the high created at the end of wave 1.

Wave 4

Traders take profits because the stock is considered expensive again.

This wave tends to be weak because there are usually more people that are still bullish on the stock and are waiting to “buy on the dips.”

Wave 5

This is the point that most people get on the stock and is most driven by hysteria. You usually start seeing the CEO of the company on the front page of major magazines as the Person of the Year.

Traders and investors start coming up with ridiculous reasons to buy the stock and try to choke you when you disagree with them.

This is when the stock becomes the most overpriced. Contrarians start shorting the stock which starts the ABC pattern.

Extended Impulse Waves

One thing that you also need to know about the Elliott Wave Theory is that one of the three impulse waves (1, 3, or 5) will always be “extended.”

Simply put, there will always be one wave that is longer than the other two, regardless of degree.

According to Elliott, it is usually the fifth wave which is extended.

As time went by, this old school style of wave labeling has changed because more and more people started labeling the third wave as the extended one.

Corrective Waves

The 5-wave trends are then corrected and reversed by 3-wave countertrends.

Letters are used instead of numbers to track the correction.

Check out this example of a smokin’ hot corrective 3-wave pattern!

ABC Corrective Wave Pattern

Just because we’ve been using a bull market as my primary example doesn’t mean the Elliott Wave Theory doesn’t work on bear markets. The same 5-3 wave pattern can look like this:

Reverse ABC Corrective Wave Pattern

Types of Corrective Wave Patterns

According to Elliott, there are 21 corrective ABC patterns ranging from simple to complex.

“Uh 21? I can’t memorize all of that! The basics of the Elliott Wave Theory are already mind-blowing!”

Take it easy, young padawan. The great thing about Elliott Wave is you don’t have to be above the legal drinking age to trade it! You don’t have to get a fake ID or memorize all 21 types of corrective ABC patterns because they are just made up of three very simple easy-to-understand formations.

Let’s take a look at these three formations. The examples below apply to uptrends, but you can just invert them if you’re dealing with a downtrend.

The Zig-Zag Formation

Zig-Zag Formation

Zig-zag formations are very steep moves in price that goes against the predominant trend. Wave B is typically shortest in length compared to Waves A and C.

These zig-zag patterns can happen twice or even thrice in a correction (2 to 3 zig-zag patterns linked together).

Like with all waves, each of the waves in zig-zag patterns could be broken up into 5-wave patterns.

The Flat Formation

Flat Formation

Flat formations are simple sideways corrective waves.

In flats, the lengths of the waves are GENERALLY equal in length, with wave B reversing wave A’s move and wave C undoing wave B’s move.

We say generally because wave B can sometimes go beyond the beginning of wave A.

The Triangle Formation

Triangle Formation

Triangle formations are corrective patterns that are bound by either converging or diverging trend lines.

Triangles are made up of 5-waves that move against the trend in a sideways fashion. These triangles can be symmetrical, descending, ascending, or expanding.

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Fractals: Elliott Waves Within an Elliott Wave

Like we mentioned earlier, Elliott waves are fractals.

Each wave is made of sub-waves. Huh?

Let me show you another picture. Pictures are great, aren’t they? Yee-haw!

Elliott Wave Theory

Do you see how Waves 1, 3, and 5 are made up of a smaller 5-wave impulse pattern while Waves 2 and 4 are made up of smaller 3-wave corrective pattern?

You’re seeing fractals! Always remember that each wave is comprised of smaller wave patterns.

This pattern repeats itself…


To make it easy to label these waves, the Elliott Wave Theory has assigned a series of categories to the waves in order of the largest to the smallest. They are:

  • Grand Supercycle (multi-century)
  • Supercycle (about 40–70 years)
  • Cycle (one year to several years)
  • Primary (a few months to a couple of years)
  • Intermediate (weeks to months)
  • Minor (weeks)
  • Minute (days)
  • Minuette (hours)
  • Sub-Minuette (minutes)

A Grand Supercycle is made up of Supercycle waves which is made up of Cycle waves which is made up Primary waves, which is made up of Intermediate waves which is made up of Minor waves which is made up of Minute waves which is made up of Minuette waves which is made up of Sub-Minuette waves. Did you get all that? Okay, to make things much clearer, let’s see how an Elliott Wave looks in real life.

Elliott Wave Theory IRL

As you can see, waves aren’t shaped perfectly in real life. You’ll also learn it’s sometimes difficult to label waves.

But the more you stare at charts the better you’ll get.

Besides, we’re not going to let you go at it alone!

In the following sections, we’ll give you some tips on how to correctly and easily identify waves as well as teach you how to trade using Elliott Waves. Surf’s up!

3 Cardinal Rules of the Elliott Wave Theory

As you may have guessed, the key in using the Elliott Wave Theory in trading is all about being able to correctly identify waves.

By developing the right eye in recognizing what wave the market is in, you will be able to find out which side of the market to trade on, long or short.

There are THREE cardinal “cannot-be-broken” rules in labeling waves.

So, before you jump right into applying the Elliott Wave Theory to your trading, you must take note of the rules below.

Failing to label waves correctly can prove disastrous to your account.

3 Cardinal Rules of the Elliott Wave Theory

Rule Number #1: Wave 3 can NEVER be the shortest impulse wave

Rule Number #2: Wave 2 can NEVER go beyond the start of Wave 1

Rule Number #3: Wave 4 can NEVER cross in the same price area as Wave 1

Elliott Wave Trading Guidelines

Then, there are the guidelines that help you correctly label waves.

Unlike the three cardinal rules, these guidelines can be broken. Here they are:

Sometimes, Wave 5 does not move beyond the end of wave 3. This is called truncation.

Wave 5, more often than not, goes beyond or “breaks through” the trend line drawn off Wave 3 parallel to a trend line connecting the start of Waves 3 and 5.

Wave 3 tends to be very long, sharp and extended.

Waves 2 and 4 frequently bounce off Fibonacci retracement levels.

3 Cardinal Rules of the Elliott Wave Theory

How to Trade Forex Using Elliott Waves

This is probably what you all have been waiting for – drumroll please – using the Elliott Wave Theory in forex trading!

In this section, we will look at some setups and apply our knowledge of Elliott Wave to determine entry, stop loss, and exit points. Surfs up!

Learn how to use Elliott Waves in your forex trading.

Hypothetical, will-most-probably-be-right scenario #1:

Let’s say you wanted to begin your wave count. You see that price seems to have bottomed out and has began a new move upwards. Using your knowledge of Elliott Wave, you label this move up as Wave 1 and the retracement as Wave 2.

Elliott Wave Counts

In order to find a good entry point, you head back to the School of Pipsology to find out which of the three cardinal rules and guidelines you could apply. Here’s what you found out:

  • Rule Number #2: Wave 2 can NEVER go beyond the start of Wave 1
  • Waves 2 and 4 frequently bounce off Fibonacci retracement levels

So, using your superior Elliott Waving trading skillz, you decide to pop the Fibonacci tool to see if price is at a Fib level. Holy mama!

Price is just chillin’ like ice cream fillin’ around the 50% level. Hmm, this could be the start of Wave 3, which is a very strong buy signal.

Elliott Wave Potential Entry

Since you’re a smart forex trader, you also take your stop into consideration.

Cardinal rule number 2 states that Wave 2 can never go beyond the start of Wave 1 so you set your stop below the former lows.

If price retraces more than 100% of Wave 1, then your wave count is wrong.

Let’s see what happens next…

Elliott Wave 3

Your Elliott Wave analysis paid off and you caught a huge upward move! You go to Las Vegas (or Macau), overconfident that everything you touch is a winner, blow all your forex profits on roulette, and end right back where you started.

There are no Elliot Waves in a casino.

Lucky for you…we have another hypothetical scenario where you can earn imaginary money again…

Scenario 2:

This time, let’s use your knowledge on corrective waves patterns to grab those pips.

Elliott Wave Flat Formation

You begin counting the waves on a downtrend and you notice that the ABC corrective waves are moving sideways.

Hmm, is this a flat formation in the works? This means that price may just begin a new impulse wave once Wave C ends.

Elliott Wave Flat Entry

Trusting your Elliott Wave skills, you go ahead and sell at market in hopes of catching a new impulse wave.

You place your stop just a couple of pips above the start of Wave 4 just in case your wave count is wrong.

Elliott Wave Flat Exit

Because we like happy endings, your trade idea works out and nets you a couple thousand pips on this day, which is not always the case.

You have also learned your lesson this time around so you skip Vegas and decide to use your profits to grow your forex trading capital instead.

Summary: Elliott Wave Theory

Here’s a summary of what we covered regarding the Elliott Wave Theory:

Elliott Waves are fractals.

  • Each wave can be split into parts, each of which is a very similar copy of the whole. Mathematicians like to call this property “self-similarity”.

A trending market moves in a 5-3 wave pattern.

  • The first 5-wave pattern is called impulse wave.
  • One of the three impulse waves (1, 3, or 5) will always be extended. Wave 3 is usually the extended one.
  • The second 3-wave pattern is called corrective wave. Letters A, B, and C are used instead of numbers to track the correction.
  • Waves 1, 3 and 5, are made up of a smaller 5-wave impulse pattern while Waves 2 and 4 are made up of smaller 3-wave corrective pattern.
  • There are 21 types of corrective patterns but they are just made up of three very simple, easy-to-understand formations.
  • The three fundamental corrective wave patterns are zig-zags, flats, and triangles.

Three Cardinal Rules

There are three cardinal rules in Elliott Wave Theory when labeling waves:

Rule Number 1: Wave 3 can NEVER be the shortest impulse wave

Rule Number 2: Wave 2 can NEVER go beyond the start of Wave 1

Rule Number 3: Wave 4 can NEVER cross in the same price area as Wave 1

If you look hard enough at a chart, you’ll see that the market really does move in waves.

Because the forex market never moves in text book perfect fashion, it will take many, many hours of practice analyzing waves before you start to get comfortable with Elliott waves.

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Stay diligent and never give up!

The 2-Minute Rule For elliott wave theory abc

This next pattern repeats alone advertisement infinitum at at any time-scaled-down scales. Elliott uncovered this fractal structure in fiscal markets in the 1930s, but only a long time later on would researchers acknowledge fractals and show them mathematically.

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Information and facts is offered ‘as is’ and entirely for education and learning, not for trading functions or professional suggestions.

Impulse Waves Impulse waves encompass five sub-waves that make Web movement in the exact same route given that the craze of your next-premier degree. This pattern is the commonest motive wave and the simplest to spot in a very market.

The first objective on the trader, as well as the intention of this committed website page, is always to detect the existence of quite possibly the most damaging and thereby financially rewarding wave formations, be they a 3rd wave or perhaps a C wave. In the case of your Forex market, some authors maintain that many times wave five will be the longest.

Elliott Waves theory is routinely exploited in technical analysis. This theory is based around the universal orders and systems.

So Allow tell you straight that 90% within your predictions need to be manufactured on fundamental analysis. Don’t even endeavor to outsmart market, mainly because i bet you – you can eliminate. Continually. If a type of two techniques can be profitable, noone would share it with any individual.

I simply call it freedom! Elliott wave patterns work web link in Nearly all time frames As well as in all Place Forex forex pairs with same forecasting and trading rules. It is sort of avi gilburt sp500 elliott wave theory a common trading formula and all you need to do is; just learn it after. Next issue you’ll know; you can forecast and trade Spot Your Domain Name Forex currency pairs, Commodities, Indices, ETFs, CFDs and Selections and so forth. other Elliott wave theory helps you to trade your favorite trading instrument and any time frame of one’s choice! forty two

The theory acquired notoriety in 1935 when Elliott produced an uncanny prediction of a stock market bottom and it has considering the fact that become a staple for 1000s of portfolio administrators, traders, and private investors.

The end result is usually a projected 161.eight% level that starts from the top of the second wave. That’s the bare minimum length the 3rd wave will have to travel in order for it to get regarded an extended wave in an impulsive move.

The full idea of wave analysis by itself does not equate into a typical blueprint formation, where you just Stick to the Recommendations, not like most other price formations. Wave analysis delivers insights into craze dynamics and assists you realize price movements inside a Considerably further way.

Once we see a triangle establishing, Consequently we should always count on 1 final movement of the current development, and then a reversal really should comply with.

Now that We have now established our Elliott Wave entry points, we now want to establish where to put our protective quit decline.

R.N. Elliot was an extremely clever man. He learned railroading and accounting, including the most recent developments, on his possess, then acquired into publishing and consulting, after which you can, after a devastating disease wrecked his before career, he learned one thing fully new and developed a fresh job. There is absolute confidence that Mr. Elliot’s basic tenets underlying his Wave Theory are right — the universe, which includes persons, is ruled by legislation, and, for this reason, the way forward for the stock market is determined by these pretty regulations, Which there is official source often a crowd psychology that triggers stock prices to gyrate in waves, emanating from psychological swings of the crowd that array from extreme pessimism to Intense optimism, then again to Excessive pessimism.

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The most well-liked a person certainly is definitely the Fibonacci Retracement tool, as it will allow traders to look at the specific retracement level a market reaches, and according to that level, future patterns could be recognized.

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This can be neither a solicitation nor an offer to acquire/market Stocks, Solutions, Forex or Futures. The previous overall performance of any trading system or methodology will not be automatically indicative of long run success. No guarantee is designed that you’ll be in a position to duplicate exactly the same benefits.

Neither crude oil nor the DJIA is probably going to drop to All those levels. But when 2000 was the height of wave V on the Supercycle, then how can it be which the DJIA reached new highs in 2007? After all, just about every part of the corrective wave that will come after a motive wave that was uptrending ought to be under the wave V peak, but that has not took place.

Note* The great matter regarding the Elliott Wave approach is the fact it doesn’t call for any technical indicator since it’s pure price action tactic.

A trader with this Elliott wave interpretation may well Consequently have a protracted-term bearish outlook with a short-term bullish outlook.

Another challenge is that the waves are not quantified exactly more than enough to employ in trading choices. Everyone knows that the stock market goes up and down at several times; nevertheless, this info is just not helpful without realizing when it can rise or slide and by how much. Even to say the waves have a certain form is not really elliott wave theory handy without times and price targets. This is probably why Elliot started applying the Fibonacci ratios to his Waves during the 1940’s. There are actually reports[1] exhibiting that Elliot Waves in the Dow Jones Industrial Index never exhibit elliott wave theory definition Fibonacci ratios the vast majority of time, and, furthermore, there isn’t any reason to think that they might!

I contact it freedom! Elliott wave patterns introduction to elliott wave theory pdf work in Virtually all time frames As well as in all Location Forex internet forex pairs with very same forecasting and trading rules. It is sort Get More Info of a common trading formula and all you’ll want to do is; just learn it when. Next factor you can know; you may forecast and trade Spot Forex currency pairs, Commodities, Indices, ETFs, CFDs and Solutions and so on. Elliott wave theory lets you trade your favorite trading instrument and any time frame within your preference! 42

A trader can hook up the end details of your 1st swing plus the 3rd swing by a Trendline, then a parallel line might be placed on a starting stage of your 2nd swing.

 At that instant in time, it really is not possible to be aware of the length on the fifth wave (truly we may perhaps already have an thought about its length, but this are going to be explained later) and therefore the projected 3rd wave is going to be calculated based on the length of the very first wave. To do that, traders make use of the Fibonacci Expansion tool.

The basic principle of Elliott Wave Theory: Motive waves – 5 wave patterns while in the direction of one more substantial degree craze, Corrective waves – three wave patterns in the alternative or counter route on the development in the next much larger degree. (There really are a couple exceptions and variations, that may be talked over in this article)

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After we see a triangle acquiring, Which means we should hope 1 final movement in the current pattern, after which a reversal really should observe.

 In the following paragraphs, we will Have a look at the history behind Elliott Wave Theory And exactly how it can be applied to trading.

As you’ll be able to see, the neccesary five waves are here, but wave five falls short. As a way to declare that a truncation has occured, you’ve to have the ability to count 5 sub-waves in it.

The Best Side of elliott wave theory study material in pdf

You might realize also thanks to which you will be able to make your own private analyses for Stock Market or Forex.

You ought to be informed nevertheless, that many people manage to wind up doing their unique issue, in lieu of at any time next a course slavishly.

Impulses are highlighted within a established of five decrease-diploma waves. These decreased-diploma waves also alternate involving impulsive and corrective. Basically, the very first, third and fifth waves are always impulses whilst the second and fourth are smaller sized retraces of the initial and third waves.

In certain extreme instances we would even have a tendency to see big market contributors or even broker-dealers conspiring versus the small traders. Here’s exactly where the wave principles might help adjust this kind of wondering…

Observe* The nice factor with regard to the Elliott Wave strategy is usually that it doesn’t have to have any technical indicator mainly because it’s pure price action method.

Elliott Waves theory is usually exploited in technical analysis. This theory is based around the universal orders and units.

Nonetheless; typically, it works very perfectly. Anytime, it does not work? Dilemma: Am i able to make huge profit in my very own Forex trading soon after learning and training Remedy: Elliott wave is really a forecasting and trading Device. It does offer a framework; a) to enter within a market with purchase or market trade, b) wherever to place a halt reduction to regulate the risk, c) what price level you should be on the lookout forward to utilize as your acquire- income level etc. Even so, It’s not necessarily 100%, bulletproof moneymaking technique, so you might shed trades, some times. I’ll suggest thinking of discover this learning dollars management and trading psychology. Elliott Wave theory? 14

All right, so now you will need to comprehend – no less than somewhat – see here what Elliott Waves appear to be, nonetheless it’s less difficult to be aware elliott wave theory wave 5 of this pattern Should you have an insight of the theory at the rear of each wave and what can make it move. Don’t be concerned, we’ll keep it short. Right here’s the gist…

The only thing that seems to be exclusive about it is that the retracement of Wave B is less than the fifth subwave. Or else, the Elliot Wave would just be considered a number of up and down movements, which is definitely observable in stock charts or prices, but doesn’t help in forecasting prices or directions.

Sometimes swing range five lags guiding the third swing higher point, as a result of a swift gradient with the third swing.

Technical analysis is actually a trading self-discipline used To judge investments and recognize trading alternatives by examining statistical tendencies gathered from trading activity, for instance price movement and quantity.

Summary Elliott Wave Theory is a wide topic. It’s not at all easy for beginners and beginner traders. Nonetheless; it is going to develop into easy for almost any Forex trader who invests his time, effort and money to learn Elliott wave patterns. In my judgement, traders have to learn Elliott wave underneath the steering of an Elliott wave qualified and seasoned Instructor. Next, practice trading to realize some encounter in Forex market. Without correct education and learning, practice and trading working experience it is not easy to earn a living by using Forex trading. There are some essential trading and expense things, which I haven’t discussed In this particular e-book that are mandatory to generate dependable revenue in Forex trading small business; for instance money management, trading psychology, danger Regulate, persistence and self-discipline, which are out of i thought about this scope of the e-book.

Essentially, the Elliott Wave Principle is employed by finance traders to analyze market cycles and take a look at to likely forecast market tendencies. They are doing so by trying to discover price highs and lows, group psychology limitations and additional, connected variables.

eleven 8. Do I want any Distinctive software to choose Elliott Wave Best? You do not require Unique software. Almost all trading courses deliver the basic configurations necessary to create visit our website your charts.

5 Simple Statements About Elliott wave theory trading strategies Explained

All those swings he referred to as “waves”. When the trend is going up, there are five waves in the upward path and 3 downwards. When the pattern is relocating south, the Elliott Wave cycle is upside down – 5 down, 3 up.

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The aim of this paper is to produce a hybrid advice process based upon a Multi-Agent Architecture that will tell the trader about the long run stock craze in an effort to Enhance the profitability of a short or medium time period of time expense.

Elliott assigned a number of categories into the waves, which emphasize The actual fact that you’ll see the exact same patterns within the two lengthy-term and shorter-term charts. The groups are as follows.

Though there might be several Flat patterns, only one Triangle pattern can form which would be the past pattern of this mix.

Our staff gathers a vast total of information and comes up with several of The only and easiest elliott wave theory basics trading strategies to follow each week.

The other attention-grabbing case original site would be the “diagonal”. The diagonal can be a elliott wave theory does not work pattern, consisting of 5 waves like in a daily impulse, but waves 1 and 4 have a tendency to overlap.

We’ll send out many free trading strategies so that you can learn and apply on your trading method at once…

The human mother nature and temper are consistent, in general. No-one likes to see a shedding trade, and everybody wishes to earn a living from the Forex market. So, the collective habits of traders commonly called “Herding” together with getting and advertising actions produce patterns in the shape of waves on price charts of currency pairs. 15

The moment we publish the strategies on our weblog, We are going to instantly publish it to these social media marketing platforms so that you could have fast entry to our free strategies!

We now have designed easy instructions for locating and triggering Just about every one of many six strategies within the procedure. Elliott Wave Best as you may soon discover is with regards to the convergence of Elliott, Fibonacci and Harmonics. It is an extremely effective method. Elliott Wave Q & A will follow.

FXStreet is not going to take legal responsibility for almost any reduction or harm, together elliott wave theory march 2020 with without limitation to, any lack of earnings, which can occur immediately or indirectly from utilization of or reliance on such information and facts.

Now-a-times, there are many other technical market analysts, which don’t completely follow the rules of Elliott’s wave theory. They only use it for a starting stage to generate their own check over here forecasting strategies. 13

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