Wave 4 can never enter the price territory of Wave 1.
: A visual representation of the wave structure (e.g., Impulse, ZigZag, Triangle).
At its core, Elliott Wave Theory suggests that stock markets don't move in random paths but in repetitive cycles. These cycles are fueled by investor psychology—alternating between optimism (bullishness) and pessimism (bearishness). The Basic 5-3 Pattern Every complete market cycle consists of two primary phases:
Following the five-wave advance, the market enters a three-wave corrective phase that opposes the primary trend:
A bear market rally that traps late buyers. It rarely breaks the peak of Wave 5.
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For any Elliott Wave count to be valid, it must strictly adhere to these three cardinal rules: : Wave 2 never retraces more than 100% of Wave 1.
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Wave 4 cannot enter the price territory of Wave 1 (except in rare "diagonal" patterns). 2. The Corrective Wave Pattern (3-Wave Structure)
Our comprehensive cheat sheet covers the basic principles of Elliott Wave theory, including:
