The Wave Principle classifies price action as either motive or corrective. Motive waves move in the direction of the trend and include impulse waves and diagonals. Today, you can watch a lesson from Jeffrey Kennedy's Trader's Classroom in which he teaches you about the basics of the impulse wave and then shows you how to identify one on an actual chart of Goldman Sachs Group, Inc. (GS)

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This article was syndicated by Elliott Wave International and was originally published under the headline Reviewing the Basics of the Elliott Wave Principle: The Impulse Wave. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

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