Elliot waves are comprised of 5 waves.
1= initial move up
2= Small ABC correction where the low does not reach 1
3= Longer timeframe wave moving up
4= Longest down wave in the structure including an ABC correction and eventual accumulation, can not not reach 2 and usually bounces at 618 fib line
5= Most parabolic wave in the structure after accumulation and a move past the 236 Fib line
1= initial move up
2= Small ABC correction where the low does not reach 1
3= Longer timeframe wave moving up
4= Longest down wave in the structure including an ABC correction and eventual accumulation, can not not reach 2 and usually bounces at 618 fib line
5= Most parabolic wave in the structure after accumulation and a move past the 236 Fib line