Corrective waves counteract the direction of the primary trend and are composed of three sub-waves, labeled A, B, and C. These corrections can take various forms, including zigzags, flats, and triangles, each with distinct characteristics and patterns

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Elliott Wave Theory categorizes waves into degrees, reflecting different time scales. From Grand Supercycle to Minuette, these degrees help analysts understand and predict market movements across various time frames, making the theory versatile.

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Elliott Wave Theory, developed by Ralph Nelson Elliott, posits that financial markets move in predictable cycles, driven by investor psychology. These cycles are composed of five waves in the direction of the trend and three corrective waves.

The three main rules in Elliott Wave Theory are:
Wave 2 cannot retrace more than 100% of Wave 1.Wave 3 cannot be the shortest among Waves 1, 3, and 5.Wave 4 cannot overlap the price territory of Wave 1.
These rules help in accurately identifying and confirming the wave patterns in financial markets.
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Impulsive waves are the primary drivers of market trends and adhere to specific rules: Wave 2 cannot retrace more than 100% of Wave 1, Wave 3 cannot be the shortest of the three impulse waves, and Wave 4 cannot overlap Wave 1. These waves can also form in more complex structures like diagonal waves

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Fibonacci ratios are integral to Elliott Wave Theory, as waves often exhibit lengths and retracements that align with these ratios (e.g., 38.2%, 50%, 61.8%). These relationships help traders anticipate the extent of market movements.

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