Elliott Wave Part 2
ABC Pattern Corrections: Zigzags, Flats and Triangles
PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! In this video we look at the ABC correction which is part of the Elliot Wave theory. In the previous video we look at the 5 wave pattern. The ABC is just like the 5 wave pattern in that it consists of a series of waves which create recognizable patterns. With Elliot Wave Theory there are about 21 ABC patterns but there are 3 popular ones amongst patterns: ABC zig zags, ABC flat formations and ABC correction triangles.

1. Zigzags (5-3-5; includes three variations: single, double, triple)
2. Flats (3-3-5; includes three variations: regular, expanded, running)
3. Triangles (3-3-3-3-3; four types: ascending, descending, contracting, expanding)

Zig zag patterns are steep moves in price that are opposed to the dominating trend. Such zig zag patterns can occur twice or three times in a correction.

Flat formations are sideways corrective waves. In flat patterns the lengths of the waves are normally equal in length with wave B opposing wave A's move and wave C undoing wave B's move.

Triangle formations are essentially corrective patterns that are linked by either converging or diverging trend lines. Triangles are made up of 5 waves that move against the dominating trend in a range trading formation.

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