Elliot Wave Pattern(2) – Part 2
Modern Elliott Wave patterns
Modern patterns (following Modern Rules) is actually extra patterns that are mostly hybrid patterns derived from the known patterns that have existed from the beginning.
1-TRENDS
a. Impulse 2 Pattern
Rules:-
-Resembles a normal impulse
-Wave 4 is allowed to retrace between 51.5% and 62%, without penetrating the region of wave 1.
-As a guideline, wave 4 very often is a Zigzag.
2-Corrections
a. Zigzag Flat Pattern
It is a common pattern that is exactly the same as a Zigzag, except for the fact that the B wave is allowed to retrace more than 61.8% of wave A.
b. Running Zigzag Pattern
A failure in a corrective pattern happens when the C wave is shorter
than wave A and fails to go beyond the end of A. This mostly happens in Running Flats and or in Zigzags.
It indicates strength in the direction of the main trend.
c. Ascending and descending Triangles
-See Expanding Triangles patterns.
