Elliott Waves are classified into two different categories:
Impulse can move up or down, depending the main direction of the market.
Corrections are always a,b and c or a,b,c,d and e
Basic correction:
Impulse is always numbered while corrections are always identified in alphabets.
This is just to distinguish the difference between the two.
The whole structure from the base to the correction would look like this:
- Impulse AND
- Corrections
Impulse can move up or down, depending the main direction of the market.
Corrections are always a,b and c or a,b,c,d and e
Basic correction:
Impulse is always numbered while corrections are always identified in alphabets.
This is just to distinguish the difference between the two.
The whole structure from the base to the correction would look like this:
Elliott named nine degrees of waves as best he could with the data available at the time:
- Grand Supercycle: Multi-century
- Supercycle: Multi-decade
- Cycle: One to several years or perhaps decades.
- Primary: A few months to a few years.
- Intermediate: A few weeks to a few months.
- Minor: Weeks
- Minute: Days
- Minuette: Hours
- Sub-minuette: Minutes
