medium · Elliott Wave Theory corrective
A correction begins with a 5-wave decline on the 1-hour chart. The subsequent recovery is a 3-wave advance that retraces 50% of the first leg.
Which pattern is the market most likely forming, and what should be the expectation for the next move?
- An expanded flat; the market should see a sharp rally breaking the start of the correction.
- A zigzag; the market should produce a final 5-wave decline breaking the previous low.
- A leading diagonal; the market is likely starting a new bull trend after a truncated bottom.
- A regular flat; the market should produce a 5-wave decline that ends at the same level as the first leg.
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