Open trading account 
Wave Characteristics
Wave-1 (I am writing this from the perspective of a bullish first wave. It can also be bearish, just reverse bull for bear and bear for bull in all sentences)
• Start of bull move
• Almost everybody still bearish
• Rally seen as selling opportunity
• Volume may not be very high, but usually there is a small increase in volume and improved market breadth.
• About half of first waves have very deep retracements.
• Fundamental news probably still bad
• In futures, open interest might fall
• In stocks, A/D line may have already been improving before bottom.
Wave-1 (I am writing this from the perspective of a bullish first wave. It can also be bearish, just reverse bull for bear and bear for bull in all sentences)
• Start of bull move
• Almost everybody still bearish
• Rally seen as selling opportunity
• Volume may not be very high, but usually there is a small increase in volume and improved market breadth.
• About half of first waves have very deep retracements.
• Fundamental news probably still bad
• In futures, open interest might fall
• In stocks, A/D line may have already been improving before bottom.
