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http://www.wavaholic.com/2010/01/elliott-wave-rules-and-guidelines.html
Motive Waves
Impulse (5-3-5-3-5)
Rules
- Wave 1, 3 or 5 is usually extended, while wave 1 is the least commonly extended wave.
- If wave 3 is extended, it’s common for sub wave 3 of 3 to extend as well (the same
applies for wave 1 and 5).
- Sub wave 3 of 3 almost always has the steepest slope within the parent impulse.
- Wave 5 often ends when hitting a line drawn from the end of wave 1 or 3 that is parallel
to a line drawn between the ends of waves 2 and 4.
- Wave 5 normally ends beyond the end of wave 3, if not it’s called a truncation.
- If wave 2 was a sharp correction, wave 4 will almost always be a sideways correction
and vice versa (Alternation).
- Wave 2 is usually a zigzag or zigzag combination.
- Wave 4 is usually a flat, triangle or combination thereof.
- Wave 4 usually ends within the price territory of the fourth wave of wave 3.
Rules
Guidelines
Rules
Guidelines
- Wave 5 usually end beyond the end of wave 3 (if not it’s called truncation).
Leading Diagonal (3-3-3-3-3 or 5-3-5-3-5)
Rules
Guidelines
Zigzag (5-3-5)
Rules
Guidelines
Rules
Guidelines
Rules
- A triangle subdivides into five waves (A-B-C-D-E), whereof at least four of them are
zigzags.
Contracting Triangle
Rules
- Waves C, D and E never move beyond the end of the preceding same-directional wave.
- A line drawn between the ends of waves B and D converges with a line drawn between
the ends of waves A and C.
Guidelines
- When wave B ends beyond the start of wave A it’s called a running triangle (about 40 %
of all triangles).
Barrier Triangle
Rules
Rules
- Waves C, D and E move beyond the end of the previous same-directional wave.
- A line connecting the ends of waves B and D diverges from a line drawn between the
ends of waves A and C.
Guidelines
- Waves B, C and D usually retrace between 100 and 125 % of the previous wave.
Combinations
Rules
- Combinations subdivide into two or three corrective patterns (labeled W, Y and Z) that
are separated by one or two corrective patterns in the opposite direction (labeled X).
Guidelines
- When a zigzag or flat seems to be too small to be the entire correction, it’s likely to get a
combination.