# Elliot corrective pattern called Triple Correction WXYXZ.
Charecteristics:
1)It is a combination of 3 correction.(Flat 3-3-5,Zigzag 5-3-5,triangle 3-3-3-3-3)
2)Each correction is connected by a counter trending wave x(also takes a form an elliot correction).This wave X is sideways movement there by not correcting significantly prior movement.
3)This three correction can either be flat,zigzag and triangle or a combination of either.
As per Elliot generally after triple correction market gives an impulsive move.
Over here we are seeing combination of two zigzag(5-3-5) in the Primary wave W and wave Y and third correction is yet to be formed,this third correction can either take form of zigzag(5-3-5) or a triangle(3-3-3-3-3) to complete entire WXYXZ pattern on primary degree
Reason behind naming entire movement as an corrective pattern and not an impulse.
1)There's no significant corrective price movement retracing prior up movement by 38.2-50%.Generally after an 5 wave up move one impulsive cycle complete's following which we see deeper correction in prices (atleast 38.2-50% of prior 5 wave impulsive cycle).
2)After every 5 wave impulsive move following correction is only retracing prices by 23% of prior up move there by not following price alternation rule of Elliot wave 2 & wave 4.
Reason behind naming current movement WXYXZ triple correction and not WXY double correction.
1)If this was a double correction then post wave Y on primary degree we would have seen impulsive move unfolding on the down side.The sideways movement is indicating that we might be seeing wave Z on the upside in future.
Analysis:
Wave degrees:
Primary :Blue
Intermediate:White
Minor:Purple for impulse and yellow for correction.
Current count
Primary:second wave X
Intermediate:leg F of diametric pattern(Not labelled)
So far it seems like we have completed WXY wave on primary degree, and second connecting wave X is going on.Both the wave X has taken a form of diametric pattern(7 leg corrective pattern) hence currently we are in the 6th leg of second wave X,a drop in the form of 7th leg can come in near future as prices are approaching ATH levels post which we will third correction Z on the upside giving us a target of 2800+.
Ideal time for investment as per this count is to wait for a dip towards 1680-1700 zone which would complete 7th leg of wave X post which we could see reversal.
Disclaimer:I am posting this analysis for my future reference,positions should be build or exited on the basis of this analysis.
Charecteristics:
1)It is a combination of 3 correction.(Flat 3-3-5,Zigzag 5-3-5,triangle 3-3-3-3-3)
2)Each correction is connected by a counter trending wave x(also takes a form an elliot correction).This wave X is sideways movement there by not correcting significantly prior movement.
3)This three correction can either be flat,zigzag and triangle or a combination of either.
As per Elliot generally after triple correction market gives an impulsive move.
Over here we are seeing combination of two zigzag(5-3-5) in the Primary wave W and wave Y and third correction is yet to be formed,this third correction can either take form of zigzag(5-3-5) or a triangle(3-3-3-3-3) to complete entire WXYXZ pattern on primary degree
Reason behind naming entire movement as an corrective pattern and not an impulse.
1)There's no significant corrective price movement retracing prior up movement by 38.2-50%.Generally after an 5 wave up move one impulsive cycle complete's following which we see deeper correction in prices (atleast 38.2-50% of prior 5 wave impulsive cycle).
2)After every 5 wave impulsive move following correction is only retracing prices by 23% of prior up move there by not following price alternation rule of Elliot wave 2 & wave 4.
Reason behind naming current movement WXYXZ triple correction and not WXY double correction.
1)If this was a double correction then post wave Y on primary degree we would have seen impulsive move unfolding on the down side.The sideways movement is indicating that we might be seeing wave Z on the upside in future.
Analysis:
Wave degrees:
Primary :Blue
Intermediate:White
Minor:Purple for impulse and yellow for correction.
Current count
Primary:second wave X
Intermediate:leg F of diametric pattern(Not labelled)
So far it seems like we have completed WXY wave on primary degree, and second connecting wave X is going on.Both the wave X has taken a form of diametric pattern(7 leg corrective pattern) hence currently we are in the 6th leg of second wave X,a drop in the form of 7th leg can come in near future as prices are approaching ATH levels post which we will third correction Z on the upside giving us a target of 2800+.
Ideal time for investment as per this count is to wait for a dip towards 1680-1700 zone which would complete 7th leg of wave X post which we could see reversal.
Disclaimer:I am posting this analysis for my future reference,positions should be build or exited on the basis of this analysis.
Comment:
Prices has reversed exactly from the mentioned levels indicating start of wave Z
Comment:
seems like infy is making triple zigzag,as post second wave x we are seeing impulsive move unfolding on the upside.Of this third zigzag we are in wave A sub wave 4(which got started today,after 261.8% extention of wave 3),going ahead we will see sideways movement for atleast next 16 days as per wave 4 time rule,post which we can see wave 5 unfolding on the upside,hence long trade at this point of time should be avoided for next 15 days and one should look for price to atleast retrace wave 3 by 38% coming at 1836 in wave 4.Moral of the story avoid long for next 2 weeks and look for long entry setup once price comes near 1800-1830 levels.
seems like infy is making triple zigzag,as post second wave x we are seeing impulsive move unfolding on the upside.Of this third zigzag we are in wave A sub wave 4(which got started today,after 261.8% extention of wave 3),going ahead we will see sideways movement for atleast next 16 days as per wave 4 time rule,post which we can see wave 5 unfolding on the upside,hence long trade at this point of time should be avoided for next 15 days and one should look for price to atleast retrace wave 3 by 38% coming at 1836 in wave 4.Moral of the story avoid long for next 2 weeks and look for long entry setup once price comes near 1800-1830 levels.