Elliott wave count forex charts

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24: Different types of triangle correction patterns. 24 shows the different types of triangle correction patterns. The triangle is a correction pattern consisting of five waves identified with the letters ABCDE. The triangle is drawn between the points AC and BD. It can be a symmetrical triangle or a rising or falling triangle.

An inverted widening triangle is a rather rare. All waves within a triangle pattern are correction waves. Wave E will, in some cases, penetrate the AC line. In the normal triangles we note three types: symmetrical, rising, or falling triangles. The inverted widening triangle only exists in a symmetrical version. Wave B is a simple, double, or triple zigzag pattern.

Waves C and D can be any correction pattern, except a triangle. Waves ABC and D remain within or close to the triangle channel. The triangle is closed after wave E. One of the sides of the triangle can be a horizontal line.