When prices break through the upper boundary line of this channel, you can expect a fifth-wave rally next. Even though Wave 3 is typically the longest of the three impulse waves, there is a specific rule that it cannot be the shortest. 

In a larger degree downtrend, Wave II would be expected to peak near the high of lesser degree Wave 4.

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At times, the subdivisions of the extended sub-wave look almost the same in amplitude and time duration as the four other waves in the higher degree impulse wave of which they are a part. Instead of having a wave-count of 5 for the impulse, it is tempting to count 9 waves, as it may not be clear as to which wave is the extended wave.

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Master Instructor Jeffrey Kennedy shares simple ways to get your analysis started 

That is, Elliotticians work with a set number of Elliott wave structures in price charts. So, rather than guessing about how this or that news outcome "impacts" a market’s price, you get an unambiguous, and objective, opinion. When it comes to structure, Elliott wave analysis identifies one main structure of market progress: the five-wave form.

The Elliott Wave Principle is based on 5 core Elliott wave patterns, each having hard-and-fast rules, and a handful of guidelines. Here, our master instructor Jeffrey Kennedy gives you his tips for applying the Wave Principle to any chart, in any market, on any time frame. Combining a basic 5 wave impulse sequence with a basic 3 wave corrective sequence yields a complete Elliott Wave sequence, which is a total of 8 waves. According to Elliott, this complete sequence is divided into two distinct phases: the impulse phase and the corrective phase. 

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Wave Degrees

On the first chart below you can see a complete Elliott Wave cycle. Note how the two phases of trend – motive and corrective – fit together to form the whole pattern. The above-shown chart depicts a very clear impulsive five, labeled , followed by the corresponding three-wave retracement, which, in this case, takes the form of a double . At times, the subdivisions of the extended sub-wave look almost the same in amplitude and time duration as the four other waves in the higher degree impulse wave of which they are a part. Instead of having a wave-count of 5 for the impulse, it is tempting to count 9 waves, as it may not be clear as to which wave is the extended wave.

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