Elliott Wave - Part 2

Today’s chart is a weekly depiction of the cash S&P500. The double zigzag is depicted as a-b-c (the first zigzag) - x - a-b-c (the second zigzag). The two zigzags are separated, and connected, by an ’x’ wave.

Motive patterns are always composed of five waves and labeled 1-2-3-4-5.
Corrective patterns are always composed of three or five waves and labeled as a-b-c or a-b-c-d-e. When ‘Double‘ or ‘Triple’ patterns form the corrective patterns are connected by ‘x’ waves.

Note again the Fibonacci influence. Motive patterns are composed of 5 waves; corrective patterns 3 or 5 waves.

To whet your appetite: Elliott waves are ‘fractal’. That is, a single wave will itself be a complete pattern on another timescale.