The pattern Taurean7 identified can include fakeouts to the downside and more nested ABC's before the wave 3 up trend begins. When the wave 3 uptrend begins it normally breaks up into a 5 waves (wave 2 & 4 will retrace or run sideways) but is always the largest up trend / longest leg of the pattern.
Wave 2 normally will normally retrace 50 - 61.8% (a Fib Ratio), wave 4 is normally more sideways than down.
JFYI
P.S. I have no idea of the reliability of the Elliott Wave Theory now that its all about bots & FA. A few years ago I would have said that this pattern works out 70% to 80% of the time - that may still be the deal, we will see.
The pattern Taurean7 identified can include fakeouts to the...
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