Triple Zigzag correction is combination or series of three zigzag corrections (three “abc” cycles) connected by a link wave “x” between every “abc” cycle and its internal structure is (abc-x-abc-x-abc). Triple Zigzag correction always forms a wedge pattern and that wedge may be triangle or parallel.
The individual internal “abc” cycle of Triple Zigzag may be Simple Zigzag Correction, 3-3-5 Flat Correction or Irregular Correction.
Link wave “x” generally has three inner waves (abc) and can be any type of correction.
Triple Zigzag correction is most important pattern of Elliott Wave Theory and it can give huge profit with minimum risk if you manage to identify before it before breakout. Triple Zigzag takes long time in completion and results in long consolidation with range bound volatility.
But breakout after completion of Triple Zigzag is always aggressive and we see a great aggressive move after breakout from the pattern. This correction is a tug of war between buyers and sellers that make price to move up and down within in a range for long time. But breakout from this range bound pattern makes mass traders/investors confident about the trend and they start taking action in the direction of breakout aggressively after a long wait.