Elliot Waves Complete Guide | Chapter 3.6 - "Triple Three"
Hello Traders. Welcome to Chapter 3.6, THE FINAL SUB CHAPTER! You made it this far, congratulations, you have learned a lot of the basic and complex patterns. We are going to finish this sub-chapter with the final complex correction pattern called the "Triple Three" pattern, which is VERY similar to the double three!
Chapter 3 Glossary:
3.1 Zig-Zag Waves
3.2 Flat Correction , Expanded Flat
3.3 Running Flat, Contracting Triangle
3.4 Barrier Triangle, Expanded Triangle
3.5 Double-Three
3.6 Triple-Three
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Triple-Three
Bear with me here, we are almost full finished with the complexity of correction patterns. As the final sub-chapter, I would like to make sure most people understand the double three correction. The triple three correction is very similar to the double three, it is just even more elongated and extended. The overall count is W,X,Y,X,Z, so the three simple corrections are separated by two "X" waves.
Just like the double three pattern, these "X" waves are usually zig-zags, but can take any form, which is why it makes these consolidation patterns so messy. A triangle is only valid as wave Z and therefore represents the end of the correction. As with the double three, the variation displayed only shows some possible forms of a correction. In general the three simple corrective pattern can take any shape (Flat, zig-zag, triangle - REMEMBER TO KNOW WHAT THEY ARE), but usually show alternation between themselves in any given form.
A final notice about corrections:
Most traders lose money in these long sideways corrections as the market does not present a clear trend. Trading in a sideways market is about surviving the markets, not profiting. It is usually full of false breakouts and messy price action. The experience shows, that most of the time it is the best decision to stay out of the market until a clear entry signal is given. That is why the triple three is such a powerful tool. In some cases a clear ranging market (especially on higher timeframe) can be traded, but this is only for experienced traders. If anything, this is a time to accumulate.
Remember, you must understand the basics of all the correction patterns. If you aren't even sure of the basic correction patterns, make sure to start from chapter 1!
Chapter 3 Glossary:
3.1 Zig-Zag Waves
3.2 Flat Correction , Expanded Flat
3.3 Running Flat, Contracting Triangle
3.4 Barrier Triangle, Expanded Triangle
3.5 Double-Three
3.6 Triple-Three
-----
Triple-Three
Bear with me here, we are almost full finished with the complexity of correction patterns. As the final sub-chapter, I would like to make sure most people understand the double three correction. The triple three correction is very similar to the double three, it is just even more elongated and extended. The overall count is W,X,Y,X,Z, so the three simple corrections are separated by two "X" waves.
Just like the double three pattern, these "X" waves are usually zig-zags, but can take any form, which is why it makes these consolidation patterns so messy. A triangle is only valid as wave Z and therefore represents the end of the correction. As with the double three, the variation displayed only shows some possible forms of a correction. In general the three simple corrective pattern can take any shape (Flat, zig-zag, triangle - REMEMBER TO KNOW WHAT THEY ARE), but usually show alternation between themselves in any given form.
A final notice about corrections:
Most traders lose money in these long sideways corrections as the market does not present a clear trend. Trading in a sideways market is about surviving the markets, not profiting. It is usually full of false breakouts and messy price action. The experience shows, that most of the time it is the best decision to stay out of the market until a clear entry signal is given. That is why the triple three is such a powerful tool. In some cases a clear ranging market (especially on higher timeframe) can be traded, but this is only for experienced traders. If anything, this is a time to accumulate.
Remember, you must understand the basics of all the correction patterns. If you aren't even sure of the basic correction patterns, make sure to start from chapter 1!
Comment:
Comment: Elliot Waves Complete Guide | Chapter 1 - "The Overall Cycle"
Comment:
Elliot Waves Complete Guide | Chapter 2.1 - "Motive Waves"
Comment:
Elliot Waves Complete Guide | Chapter 2.2 - "Ending Diagonal"
Comment:
Elliot Waves Complete Guide | Chapter 2.3 - "Extensions"
Comment:
Elliot Waves Complete Guide | Chapter 3.1 - "Corrective Waves"
Comment:
Elliot Waves Complete Guide | Chapter 3.2 - "Flat-Expanded Flat"
Comment:
Elliot Waves Complete Guide | Chapter 3.3 - "Running, Contract"
Comment:
Elliot Waves Complete Guide | Chapter 3.4 - "Barrier/Expanded"
Comment:
Elliot Waves Complete Guide | Chapter 3.5 - "Double Three"
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