Reference
Elliott Wave cheat sheet
Rules, corrective patterns and Fibonacci ratios on one page. Keep it open while you count.
Impulse: rules and guidelines
| Item | Type | What to check |
|---|---|---|
| Wave 2 | Rule | Never beyond the start of wave 1 |
| Wave 3 | Rule | Never the shortest motive wave |
| Wave 4 | Rule | No overlap with wave 1 (except diagonals) |
| Wave 2 vs 4 | Guideline | Alternate: sharp and sideways |
| Extension | Guideline | Usually wave 3 |
| Waves 1 & 5 | Guideline | Tend to equality when 3 extends |
Corrective patterns
| Pattern | Structure | Recognise it by |
|---|---|---|
| Zigzag | 5-3-5 | Sharp; C moves well beyond A |
| Flat | 3-3-5 | Sideways; B returns near the start of A |
| Triangle | 3-3-3-3-3 | Converging lines; usually wave 4 or B |
| Combination | W-X-Y | Two or three corrections joined by X |
Fibonacci quick reference
| Wave | Typical ratio | Measured against |
|---|---|---|
| Wave 2 | 50% – 61.8% | Wave 1 |
| Wave 3 | 161.8% (up to 261.8%) | Wave 1 |
| Wave 4 | 23.6% – 38.2% | Wave 3 |
| Wave 5 | 100% of wave 1, or 61.8% of 1→3 | Wave 1 |
| Wave C | 100% or 161.8% | Wave A |
Key takeaways
- Rules are absolute; guidelines are tendencies
- Corrections come in four families
- Fibonacci ratios are zones, not exact prices
Analysis and education only, not a recommendation to trade. Trading forex, commodities and crypto carries a high risk of loss.