hard · Elliott Wave Theory corrective
A bear-market correction unfolds as a 5-3-5 zigzag down into Wave W, followed by a 3-wave X-wave that retraces 105% of Wave W, then a second 5-3-5 zigzag down into Wave Y that ends beyond the extreme of Wave W.
How should this structure be classified, and what does the X-wave's retracement size imply?
- A double zigzag; the deep X-wave signals the two zigzags are only loosely related in strength
- A double three; the X-wave's overshoot means Wave Y must be relabeled as a new impulse
- A running flat; the X-wave exceeding 100% disqualifies the pattern from being a zigzag combination
- A triple three; the second zigzag must therefore be reclassified as a triangle
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