Mastering Elliott Wave Principle: Elementary Concepts, Wave Patterns, and Practice Exercises

CHAPTER 3

The Basic Patterns That Describe Corrective Market Movement

Impulse waves were examined in the last chapter. Now we need to examine the corrective waves that move counter-trend and connect the impulse waves together. This chapter will give you basic patterns we will use to identify simple corrections and, in the second book, we will examine how the same basic patterns develop more complex and time consuming structures. The more advanced work will always use the same basic patterns we are about to discuss.

Corrective patterns get a bad rap because the more complex ones can be described in different ways. But the number of puzzle pieces you have to work with is a very small list. Therefore, if different corrective patterns were shades ...