As of 04/23/2024   Indus: 38,504 +263.71 +0.7%     Trans: 15,436 +212.01 +1.4%     Utils: 886 +2.63 +0.3%     Nasdaq: 15,697 +245.33 +1.6%     S&P 500: 5,071 +59.95 +1.2%	YTD  +2.2%   -2.9%    +0.5%    +4.6%    +6.3%	Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/23/24

As of 04/23/2024   Indus: 38,504 +263.71 +0.7%     Trans: 15,436 +212.01 +1.4%     Utils: 886 +2.63 +0.3%     Nasdaq: 15,697 +245.33 +1.6%     S&P 500: 5,071 +59.95 +1.2%	YTD  +2.2%   -2.9%    +0.5%    +4.6%    +6.3%
Targets    Overview: 04/12/2024     39,800 or 37,150 by 05/01/2024   16,200 or 15,000 by 05/01/2024   885 or 850 by 05/01/2024   16,700 or 15,800 by 05/01/2024   5,250 or 5,025 by 05/01/2024
Chart Pattern Indicator: on 4/23/24

Bulkowski on the Zigzag Elliott Wave Pattern

This page describes the 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 two zigzag waves. The first on the left, in blue, is an ABC correction of the prior motive wave in a bull market. It shows how wave B ends well below the start of wave A.

The right figure shows the 5-3-5 subwaves that make up the zigzag. Think of each subwave as a line segment in the illustration.

The chart on the right shows the zigzag pattern in a bear market. This is just an inversion of the prior chart and is sometimes called an inverted zigzag. Wave B falls well short of the start of wave A, just as in the prior chart. The chart shows the 5-3-5 subwaves using numbers 1 through 5.

Zigzag Wave Rules

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

• The zigzag is an ABC correction of the motive wave.
• The pattern follows the 5-3-5 subwave configuration.
• Subwave B falls well short of the start of subwave A.

-- Thomas Bulkowski

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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