# Elliot Waves Complete Guide | Chapter 3.5 - "Double Three"

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Hello Traders. Welcome to Chapter 3.5, where we talk further about two more different types of triangles - the Barrier and Expanded triangle. In the previous chapter we talked about the running flat and contracting triangle, but for these two, they are essentially the same but different overall shape! Most importantly, these are very common patterns within the realm of technical analysis and these textbook patterns also have Elliot Wave patterns within these common patterns. So, as you can see, if you can memorize the simple patterns, then you can start applying more advanced theories on top of them!

Chapter 3 Glossary:

3.1 Zig-Zag Waves
3.2 Flat Correction , Expanded Flat
3.3 Running Flat, Contracting Triangle
3.4 Barrier Triangle, Expanded Triangle
3.5 Double-Three
3.6 Triple-Three

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Double-Three

A double-three pattern is most often distinguished by all the segments in the pattern being almost equal. This is also known as an accumulation period! Yes, most people who like to accumulate when markets are flat, even have Elliot Wave patterns applied. To have this outcome, the x-wave should be included in this category as well. It merely means that we can only look for flat patterns for corrections that form both before and after the x-wave . In a way, such a pattern resembles a double-flat pattern, the only difference being that the x-wave retraces more than 61.8% into the territory of the first correction (more on fib levels in the future chapters).

When compared with the double flat pattern, a double three has no channelling component. Even in the case of a double flat, the channelling component is different from what channeling in general means. An important factor in trading a double three is knowing the timeframe the pattern is forming on. If it is forming on a longer timeframe, such as daily, weekly or monthly, then the market is basically taking a lot of time to consolidate, and it is not wise to take a trade based on the move that should follow such a consolidation. The reason for this is that swaps are going to be paid throughout all this time, and swaps are mostly negative. As a quick reminder of what a swap is, it is the difference between the interest rates of the currencies that make up a currency pair; and at the end of a trading day, providing the trades are not closed, a small amount is deducted or added to the trade. Paying a negative swap when trading a double three on the longer timeframes can prove to be an extremely expensive thing to do, and should therefore be avoided.

Technicals:

Again, apart from the normal and shorter corrections, there are actually more complex variations like the double or triple three (the triple three will be talked about in the next sub-chapter). These patterns are a combination of single and simple correction patterns like the zig-zag pattern, the flat, or the triangle variation. These single corrections are associated by a connecting X wave, which can take any corrective form, but is USUALLY in the form of a zig-zag pattern. Characteristics for complex corrections is a sideways movement (consolidation) as indicated by the blue rectangle box.

Rules:

Zig-Zag patterns and triangles only happen once in this type of combination.
• Triangles only appear as a Wave Y.
• The difference to a double Zig-Zag correction apart from the components, is the horizontal orientation. A Zig-Zag corrects sharper and more against the major trend.

→ It is possible that two flats are appearing, but a flat followed by a triangle is a more common example. As the single corrections tend to alternate in form.

The count for a double three is a W-X-Y . Double three’s are common in the more shallow part of the wave 4.

❗The purpose of double or triple threes is to expand the DURATION of the correction.
❗Watch out for a triangle or a final wave C to catch the continuation of the primary trend. This is where you want to possibly take the trade!

If you have no idea what you are reading, start from chapter 1!
Comment: Elliot Waves Complete Guide | Chapter 1 - "The Overall Cycle"
Comment: Elliot Waves Complete Guide | Chapter 2.1 - "Motive Waves"
Comment: Elliot Waves Complete Guide | Chapter 2.2 - "Ending Diagonal"
Comment: Elliot Waves Complete Guide | Chapter 2.3 - "Extensions"
Comment: Elliot Waves Complete Guide | Chapter 3.1 - "Corrective Waves"
Comment: Elliot Waves Complete Guide | Chapter 3.2 - "Flat-Expanded Flat"
Comment: Elliot Waves Complete Guide | Chapter 3.3 - "Running, Contract"
Comment: Elliot Waves Complete Guide | Chapter 3.4 - "Barrier/Expanded"

Solid Knowledge! TY For Sharing Trader @XForceGlobal 💪💪💪
Bullishcharts
@Bullishcharts thank you very much for your kindness!
Extremely thorough and informative! Saved the post to use as a resource. Keep them coming
EBITDAtiger
@EBITDAtiger thank you!!!!
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