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If you are a contractor, you may need to visit an electrical supply store from time to time. A lot of contractors will actually go almost every day while they are in the middle of big construction projects. This is often because they forget to get certain items, or they discover half way through as project that additional supplies are needed. Visiting a store like this is the best way to get all of the items you need for an electrical project. Projects like this are necessary when building or remodeling structures. These projects are needed because every structure that is built has power. It needs power for lights and to plug things in. It also needs power to operate the HVAC system and much more. The job of these workers is to make these things work. They have to install wire and other components using certain methods. Every wire that is put in place serves a vital purpose. They must be good at what they do so that they can keep all of the wires straight. One small error can lead to a problem with this type of system. These workers must be meticulous when installing all of the components that are necessary. Some of the common things that people look for at an electrical supply store are light fixtures. A light fixture is a device that is used for lighting in a home, office or building. There are thousands of options with lighting, and a lot of people that are building homes like to choose these fixtures themselves. They can choose fixtures that they like and they blend with their style. Ceiling fans are included in this category of electrical supply. A ceiling fan is a great light fixture to hang in almost any room, except for bathrooms. These fans contain lights and you can choose whether to turn the light on or off or the fan. Each of these functions is controlled by either a small cord attached to the fixture or with switches on the wall in that particular room. Bathrooms often need exhaust fans. These fans are useful in bathrooms because of the high amount of humidity that is found there. When you take a shower, you may notice the steam that fills the room. This steam can be nice, but it can also be annoying. It can cover the mirrors making it hard to see yourself. You can purchase bathroom fans like this from an electrical supply store. These fans will pull the steam and moisture out of the bathroom and out of the home through a ventilation system that is usually installed in the roof of the home. Electricians will also purchase various types of tools at places like this. There are certain tools that are needed for these workers to do their jobs. If you visit a store like this, you will be offered a large amount of options when it comes to tools, supplies and any other item that is needed for a project like this.

Submitted by: Sylvain Vervoort

In my opinion, one of the only tools that can give you an idea as to which direction the stock price will move next is Elliott wave analysis. With short, medium, and long-term Elliott wave trend analysis, you can have a pretty good indication if price has a better chance of going up or going down in these different time periods. As an added bonus, an Elliott wave can give you some price targets too. I think that your Elliott wave count does not have to be perfect. Most probably you will have to review counts regularly. What is important, though, is that price makes a move in the expected up or down direction.

During an illness in the mid-1930s, Ralph Nelson Elliott discovered the correlation between human emotion and trend patterns contained within price charts. Elliott discovered different patterns that repeated themselves in form but not necessarily in size or length of time; these patterns could always be subdivided into smaller waves within the framework of certain rules. He called this phenomenon the wave principle.

There are two basic waves in the Elliott wave theory: a five-wave impulse pattern in the direction of the main trend and a three-wave correction pattern against the main trend. In a later stage, Elliott used Fibonacci numbers together with the waves to predict price targets. A trend signals the main direction in which prices are moving; corrections move either against the main trend or sideways. In Elliott wave terminology, these are called impulse waves and correction waves. The correction wave consists of three waves: A, B, and C.

Impulse waves are identified by numbers; correction waves are identified by letters. Impulse waves 1, 3, and 5 move in the direction of the trend and therefore, consist of another impulse wave of a lower degree. Impulse waves 2 and 4 move against the trend and are as such correction waves of a lower degree.

We know already that the up trending or down trending correction wave has three waves. Waves A and C point in the direction of the correction trend; wave B is moving against this direction. Waves A and C in a correction wave moving in the direction of the correction trend are therefore impulse waves, consisting of five waves. Note that waves 2 and 4 in an impulse wave are also correction waves.

Another possible correction pattern is a triangle correction. A triangle correction consists of five correction waves. IMPORTANT! A triangle correction is always part of an ABC correction wave.

Any impulse wave can be interpreted as a correction wave, but it is, of course, wrong to do this because the Elliot wave count will be completely wrong. Respecting all the rules is therefore utmost important.

An impulse wave and a correction wave together make a cycle. An example indication could be:

The biggest wave:[1] to [2] consist of 1 + 1 = 2 waves

The biggest subdivision: (1) to (C) consist of 5 + 3 = 8 waves

The next subdivision:1 to capital C consist of 21 + 13 = 34 waves

The following subdivision:Roman I to small c consist of 89 + 55 = 144 waves

This subdivision is not limited.

A typical up impulse wave [1] to [5], with an extension of a lower degree wave (1) to (5) in wave [3] can have for example another extension of a lower degree with waves 1 to 5. From the start of the main impulse wave [3] up, you could look for a long trade and stay in the trade based on the Elliott wave count until wave [5] is confirmed above the wave [3]. Nice profits can be obtained thanks to the fact that you stay in the trade based on the Elliott wave count.

With a top [5] confirmed, which is actually a new longer term wave 1 of a higher degree, you are expecting a correction wave 2 for this longer term up move. Most probably an ideal moment to start a short position while expecting a medium term ABC zigzag correction. This correction wave can also be a double zigzag correction with waves WXY, with lower degree ABC waves in the W and Y waves.

This is the end of my introduction to Elliott waves. Next article we will look at the basic impulse wave’s rules and price targets.

About the Author: Want to learn everything about technical analysis? You can find free articles at my website:

stocata.org/

. Sylvain Vervoort is a trader and the author of a new book Capturing Profit with Technical Analysis and a regular contributor to Stocks & Commodities magazine.

Source:

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