May 2012
Beginner to intermediate
143 pages
3h 47m
English
book
Mastering Elliott Wave Principle: Elementary Concepts, Wave Patterns, and Practice Exercises
by Constance Brown
Content preview from Mastering Elliott Wave Principle: Elementary Concepts, Wave Patterns, and Practice Exercises
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A Flat Corrective Pattern
I like the chart in Figure 3.4 a lot because it is the perfect lead into the next pattern we are going to study. It also shows you how markets use the exact same puzzle pieces over and over again. Figure 3.4 contains two boxes with zigzag patterns within each. Figure 3.4a is the exact same chart slightly enlarged. The upper box moves counter-trend to the larger uptrend and is a complete corrective zigzag pattern. We see that the uptrend resumes without trouble from this pattern.
FIGURE 3.4a Exxon Mobil (XOM) Weekly—Zigzag Patterns
Source: Aerodynamic Investments Inc., © 1996–2012, Advanced Trading Seminar, www.aeroinvest.com; TradeStation.
The lower box also contains a zigzag pattern. However, when the market attempted ...
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