As of 05/15/2024   Indus: 39,908 +349.89 +0.9%     Trans: 15,582 +18.64 +0.1%     Utils: 950 +9.15 +1.0%     Nasdaq: 16,742 +231.21 +1.4%     S&P 500: 5,308 +61.47 +1.2%	YTD  +5.9%   -2.0%    +7.7%    +11.5%    +11.3%	Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

As of 05/15/2024   Indus: 39,908 +349.89 +0.9%     Trans: 15,582 +18.64 +0.1%     Utils: 950 +9.15 +1.0%     Nasdaq: 16,742 +231.21 +1.4%     S&P 500: 5,308 +61.47 +1.2%	YTD  +5.9%   -2.0%    +7.7%    +11.5%    +11.3%
Targets    Overview: 05/13/2024     39,950 or 38,500 by 06/01/2024   16,050 or 15,300 by 06/01/2024   960 or 900 by 06/01/2024   17,250 or 15,850 by 06/01/2024   5,500 or 5,100 by 06/01/2024
Chart Pattern Indicator: on 5/1/24

Bulkowski on the Double Zigzag Elliott Wave Pattern

This page describes the double zigzag pattern of the Elliott wave principle, how price moves not in a straight line but in a series of rises and retracements.

The figure to the right shows what a double zigzag wave looks like. If you know what a zigzag looks like, then the double zigzag is two of them pasted together with a 'three' in between. Sometimes, you see three zigzags coupled together when price falls short of its intended target, according to Frost and Prechter. The double and triple zigzags are similar to an extension of an impulse wave, if you know what that means, but are rarer. Second waves often have zigzags as their subwaves but fourth waves rarely do.

This chart is the same as the prior one but the wave occurs in a bear market. Highlighted in red is the three subwave pattern (1, 2, and 3) connecting the two zigzags together. Each zigzag is a 5-3-5 pattern itself, meaning it has five subwaves in A, three in B, and another five in C. The end of wave B should fall well short of the start of wave A.

Double Zigzag Wave Rules

The double zigzag has rules that govern its shape. They are listed here.

• A double zigzag are two zigzag patterns coupled together by a 'three'.
• Subwave B in each zigzag falls well short of the start of subwave A.

See Also

• Read more about the simple ABC correction.
• Here is the main resource for Elliott wave information.
• Support and resistance. Learn the various types.
• Market direction. 7 tips to determining.
• Trading cycles help time your entries and exits.
• Trend change detection using a triangle apex.

 

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