ββ ππͺπ‘ππ¨
β A zigzag always subdivides into three waves.
β Wave βΆ always subdivides into an impulse or leading diagonal.
β Wave βΈ always subdivides into an impulse or ending diagonal.
β Wave β· always subdivides into a zigzag, flat, triangle or combination thereof.
β Wave β· never moves beyond the start of wave βΆ.
β Wave β· always ends within the price territory of wave βΆ.
β Wave βΈ almost always ends beyond the end of wave βΆ. (failure to comply with this requirement is called Β«truncationΒ»)*
*guideline, but should be followed as a rule
β ππͺππππ‘ππ£ππ¨
β Wave βΈ should not fail to reach the end of wave βΆ by more than 10% of the length of wave βΆ. (Q&A EWI)
β In a zigzag, the length of wave βΈ is usually equal to that of wave βΆ, although it is not uncommonly 1.618 or .618 times the length of wave βΆ (rarely 2.618).
β Wave β· typically retraces 38 to 79 percent of wave βΆ.
β If wave β· is a contracting triangle, it will typically retrace 38 to 50 percent of wave βΆ.
β If wave β· is a running contracting triangle, it will typically retrace between 10 and 40 percent of wave βΆ.
β If wave β· is a zigzag, it will typically retrace 50 to 79 percent of wave βΆ.
β In a zigzag, if wave βΆ is a leading diagonal, then we would not expect to see an ending diagonal for wave βΈ.
β A line connecting the ends of waves βΆ and βΈ is often parallel to a line connecting the end of wave β· and the start of wave βΆ. (Forecasting guideline: Wave βΈ often ends upon reaching a line drawn from the end of wave βΆ that is parallel to a line connecting the start of wave βΆ and the end of wave β·.)
β Waves βΆ and βΈ within the zigzag often appear in the form of impulses, but more often alternate according to the type of motive waves: if wave βΆ is an impulse, expect wave βΈ in the form of a diagonal, and vice versa. It is much less common to find waves βΆ and βΈ in the form of diagonals, but in this case they will alternate in form: contracting / expanding, and vice versa. (TWEWA)
β If a similar amplitude and duration of waves βΆ and βΈ within a single zigzag is expected, the line passing through the top of βΆ, which is parallel to the line connecting the beginning of wave βΆ and the end of wave β·, often turns out to be the level of completion of wave βΈ. In case of a extended wave βΆ within a single zigzag, expect the wave βΈ to reach the middle line of the channel, and in case of signals in favor of a extended wave βΈ, it is worth resorting to the technique of doubling the channel to determine potential support or resistance. (TWEWA)
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πReferences:
Elliott Wave Principal 2005
Trade Waves / Elliott Waves Analysis (TWEWA)
π Elliott Wave Guide & Ellott Wave Archive β¬οΈβ¬οΈ
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