While further details do exist within lesser degrees internal to each waves, the visual trader might simply remember that certain anatomical features of these corrective patterns can easily be picked up at a glance.
This is in NO WAY a detailed review of the waves. It is simply offered as a "quick and dirty" approach to counting your corrections down to a potential reversal point.
A further analysis has to be conducted on your own, one that should indulge into Fibonacci's awareness of certain levels which would define the relative position of each point against one another.
For instance, be cognizant that deep retracement may not always occur at 0.618, but that instead, deep retracement should often near the 0.786 (the square root of .618, itself the square root of 0.382 ... It goes on and on) to 0.886 level.
For instance, in the diagram I have drawn, a Double-Zig-Zag ("DZ") would potentially see X recovering a Fib-paced length of W, recognizing that W itself may represent the end-expression of its own simpler A-B-C .
Extensions of the same Fib levels include the following: 1.131, 1.27 (the square root of 1.618 and hypotenuse of a right triangle), and 1.414, so as to best estimate the relative termination point of waves C in the simplest correction, or waves Y and Z in the saccadic repetition of corrections (i.e.: 3 x COR in DZ, and 5 x COR in TZ).
Hope this makes a bit of sense to the visual trader.
PS: Here is a thread where some of this information is being discussed:
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
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I have just finished writing an explanation of the methodology I use in my trading. Sort of a game theory application in which I define the application of Fibonacci projections for risk management to my trading. Very simple and approachable.
Here is the link:
Hope this shed more light on how I do things - Caveat here is that what I am revealing leaves out details of the predictive/forecasting mode. However, you will see how irrelevant it becomes once you concentrate on the geometric information revealed to your mind's eyes, using the Hennessy system as an overlay.
Hope you enjoy it. Feel free to contact me with any question, or share if you find the information valuable - Credit given to the author is courteous and always appreciated.