Which of the following is a true statement according to Elliott Wave Theory?

• A.A complete bull market cycle is made up of eight waves, three waves up followed by five waves down
• B.Corrections always take place in five wave patterns
• C.A trend divides into three waves in the direction of the next longer trend
• D.The two types of simple corrections are zigzags and flats

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Which of the following points represents a valid island reversal in the chart below?

• A.None of the above
• B.A
• C.B
• D.C

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A breakout:

• A.Needs to be confirmed by other indicators
• B.Has no significance to a trader of investor
• C.Is a minor pattern which is rarely seen and has no real significance on either the near or long term
• D.Occurs when price passes through specific levels

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Which of the following would BEST improve the profitability of a trend-based trading system?

• A.Increase the delay in taking action after a trade signal is given
• B.Utilize support and resistance lines
• C.Utilize candlestick charts instead of bar charts
• D.Use of additional trend periods

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When using the Bar/Candle method to portray volume what is the relationship defined between price and volume using this method?

• A.The price is dependent on the volume
• B.It has an indirect relationship between price and volume
• C.It has no relationship between price and volume
• D.It has a direct relationship between price and volume

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