Impulse wave (upward trend): Has 5 waves usually but can extend to 8 in some scenarios. ***Rules are RULE 1: Wave 2 should never retrace Wave 1 by 100%; RULE 2: Wave 3 should never be shorter than 1 and 5; RULE 3: Wave 4 must never overlap or coincide with the price at the peak of Wave 1.
Downward Diagonal (downward trend): Has 3 waves A B C. A is made up of 5 waves, B is made of 3, and C is another 5 following the same rules discussed above but in reverse.
That's as far as I got without getting too into the flat wave correction which I'm still learning about. Call me out on my mistakes! Lets learn together!
GO OUT THERE AND TRY TO CHART YOUR ELLIOT WAVES!!