Apple correction is a clear example of Zigzag pattern so far..!
Elliott Wave Corrections
Corrective patterns can be grouped into two different categories:
1) Simple correction
2) Complex correction
A simple correction has one pattern only. This pattern is called a Zig-Zag correction. A Zig-Zag correction is a 3-wave pattern.
The Wave A of a Zig-Zag correction always has a 5-wave pattern.
In the other two types of corrections (Flat and Irregular), Wave A has a 3-wave pattern. Thus, if you can identify a 5-wave pattern inside Wave A of any correction, you can then expect the correction to turn out as a Zig-Zag formation.
Wave B = usually 50% of Wave A
Wave B should not exceed 75% of Wave A
Wave C =either 1 x Wave A, or 1.62 x Wave A, or 2.62xWaveA
Corrective patterns can be grouped into two different categories:
1) Simple correction
2) Complex correction
A simple correction has one pattern only. This pattern is called a Zig-Zag correction. A Zig-Zag correction is a 3-wave pattern.
The Wave A of a Zig-Zag correction always has a 5-wave pattern.
In the other two types of corrections (Flat and Irregular), Wave A has a 3-wave pattern. Thus, if you can identify a 5-wave pattern inside Wave A of any correction, you can then expect the correction to turn out as a Zig-Zag formation.
Wave B = usually 50% of Wave A
Wave B should not exceed 75% of Wave A
Wave C =either 1 x Wave A, or 1.62 x Wave A, or 2.62xWaveA
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Use the following link to access trading ideas: patreon.com/SniperTraderStocks?utm_medium=unknown&utm_source=join_link&utm_campaign=creatorshare_creator&utm_content=copyLink
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.