174 Elliott Wave and Zigzag (5-3-5)Location: (egypt)
174 Elliott Wave and Zigzag (5-3-5)
Asingle zigzagin a bull market is a simple three-wave declining pattern labeled A-B-C. The subwave sequence is 5-3-5, and the top of wave B is noticeably lower than the start of wave A, as illustrated in Figures 1-22 and 1-23.
What might be called a "double flat" does occur. However, Elliott categorized such a formation as a "double three," a term we discuss later in this chapter.
We must issue a warning, however. There are hardly any examples of this type of correction in the price record. Never label a correction prematurely this way, or youll find yourself wrong nine times out of ten. A runningtriangle, in contrast, is much more common (see next section).
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