ZL. Zigzag for wave 2.
Working on the idea of a Zigzag pattern for Wave ((2)) in the soybean oil market.
In Elliott Wave Theory, a Zigzag pattern is a corrective wave pattern that usually consists of three waves:
Wave A:
This is the initial decline from 42.68 in 5 wave sequence, setting the stage for the corrective pattern.
Wave B:
3 wave corrective rally that follows Wave A.
Wave C:
This is the final leg of the Zigzag pattern, typically extending beyond the end of Wave A. Wave C is always either an impulse or a diagonal. My interpretation of the current structure is that Wave C has developed into an expanding diagonal and may possibly end at 3956.
Invalidation for this idea = 3956
In Elliott Wave Theory, a Zigzag pattern is a corrective wave pattern that usually consists of three waves:
Wave A:
This is the initial decline from 42.68 in 5 wave sequence, setting the stage for the corrective pattern.
Wave B:
3 wave corrective rally that follows Wave A.
Wave C:
This is the final leg of the Zigzag pattern, typically extending beyond the end of Wave A. Wave C is always either an impulse or a diagonal. My interpretation of the current structure is that Wave C has developed into an expanding diagonal and may possibly end at 3956.
Invalidation for this idea = 3956
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.