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Originally Posted by ronnimar
patricio_w. i think there is a big confusion regarding this correction !?
the correction can not qualify as a zigzag pattern because in a correction like this WAVE B must be shorter than wave A by price distance. and on the other hand it surely dont have the characteristic of
flat correction !!?
what do u think about that ?
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Not my friend, we should be in a correction of a greater correction. Iam finisshin my hour, daily and weekely chart, should be done by todays night.
There is no rule than says than wave B must be shorter, in Elliot Wave analysis everything is possible, we try to follow some rules than the market analysist done. When John Elliot made his studies we based all in 5 waves and 3 correction waves, other rules are trader rules.
In my opinion there are 3 kind of Waves B, as the sames of Wave 2.
You cuold have a Wave B than can not correct more than 0.382 of Wave A, an can still be a Wave B, then you have the Typicalo Wave B, that is the Wave than everyone spects, correcting 0.618, 0.786 (typical wave 2) and 100% correction retracements of Wave A
Then you have the flats Wave, on the Wave B flat can correct 1.618 and even 2.618, in some specific cases, as the same than Wave 2, also in Wave to you have the spanded flat, is that kind of Wave 2 than sometimes go furter than the top of Wave 1.
My opinion, (odnt take as a lesson), my opinion is than counter trend should be easy end simple, i always try not to force the Wave, an just be simple. Is there is no conunter trend visible, well, i wait until i see.
For example, sometimes you got 1.2.3.4.5, perfect, i mean perfect view of the rally, an the Wave 4 overslap a little into the range of Wave 1, well, for me is still a 1.2.3.4.5 waves, an less than future data tells me another thing.
I hope the answer helps you
Kindest Regards to you