GLOSSARY
Alternation
(guideline of) - If wave two is a sharp correction,
wave four will usually be a sideways correction, and vice
versa.
Apex - Intersection
of the two boundary lines of a contracting triangle.
Corrective
wave - A three wave pattern, or combination of three
wave patterns, that moves in the opposite direction of
the trend of one larger degree.
Diagonal
Triangle (Ending) - A wedge shaped pattern containing
overlap that occurs only in fifth or C waves. Subdivides
3-3-3-3-3.
Diagonal
Triangle (Leading) - A wedge shaped pattern
containing overlap that occurs only in first or A waves.
Subdivides 5-3-5-3-5.
Double
Three - Combination of two simple sideways corrective
pat-terns labeled W and Y, separated by a corrective wave
labeled X.
Double
Zigzag - Combination of two zigzags labeled W and Y, separated by a
corrective wave labeled X.
Equality
(guideline of) - In a five-wave sequence, when wave
three is the longest, waves five and one tend to be equal
in price length.
Expanded
Flat - Flat correction in which wave B enters new
price territory relative to the preceding impulse wave.
Failure
- See Truncated Fifth.
Flat - Sideways
correction labeled A-B-C. Subdivides 3-3-5.
Impulse
Wave - A five-wave pattern that subdivides 5-3-5-3-5
and contains no overlap.
Irregular
Flat - See Expanded Flat.
Motive
Wave - A five-wave pattern that makes progress, i.e.,
any impulse or diagonal triangle.
One-two,
one-two - The initial development in a five wave
pattern, just prior to acceleration at the center of wave
three.
Overlap
- The entrance by wave four into the price territory
of wave one. Not permitted in impulse waves.
Previous
Fourth Wave - The fourth wave within the preceding
impulse wave of the same degree. Corrective patterns
typically terminate in this area.
Sharp
Correction - Any corrective pattern that does not
contain a price extreme meeting or exceeding that of the
ending level of the prior impulse wave; alternates with
sideways correction.
Sideways
Correction - Any corrective pattern that contains a
price extreme meeting or exceeding that of the prior
impulse wave; alternates with sharp correction.
Third
of a Third - Powerful middle section within an
impulse wave.
Thrust
- Impulsive wave following completion of a triangle.
Triangle
(contracting, ascending or descending) - Corrective
pattern, subdividing 3-3-3-3-3 and labeled a-b-c-d-e.
Occurs as a fourth, B or Y wave. Trendlines converge as
pattern progresses.
Triangle
(expanding) - Same as other triangles but trendlines
diverge as pattern progresses.
Triple
Three - Combination of three simple sideways
corrective patterns labeled W, Y and Z, each separated by
a corrective wave labeled X.
Triple
Zigzag - Combination of three zigzags, labeled W, Y
and Z, each separated by a corrective wave labeled X.
Truncated
Fifth - The fifth wave in an impulsive pattern that
fails to exceed the price extreme of the third wave.
Zigzag
- Sharp correction, labeled A-B-C. Subdivides 5-3-5.
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