Summary of Rules and Guidelines for impulse Waves
From a theoretical standpoint, we must be careful not to confuse Elliott waves with their measures, which are as a thermometer is to heat. A thermometer is not designed to gauge rapid shortterm fluctuations in air temperature and neither is an index of 30 stocks constructed so as to be able to record every shortterm fluctuation in social mood. While we fully believe that the listed rules govern Elliott waves as a collective mental phenomenon, recordings of actions that Elliott waves induce — such as buying and selling certain lists of stocks — may not perfectly reflect those waves. Therefore recordings of such actions could deviate from a perfect expression of the rules simply because of the imperfection of the chosen gauge. That being said, we have found that the Dow Jones Industrial Average has followed Elliott’s rules impeccably at Minor degree and above and almost always at lesser degrees as well. Below is a summary of the rules and known guidelines (excepting Fibonacci relationships) for the five main wave patterns, variations and combinations.
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Motive Waves
Impulse
Rules
• An impulse always subdivides into five waves
• Wave 1 always subdivides into an impulse or (rarely) a diagonal.
• Wave 3 always subdivides into an impulse
• Wave 5 always subdivides into an impulse or a diagonal.
• Wave 2 always subdivides into a zigzag, flat or combination.
• Wave 4 always subdivides into a zigzag, flat, triangle or combination.
• Wave 2 never moves beyond the start of wave 1.
• Wave 3 always moves beyond the end of wave 1.
• Wave 3 is never the shortest wave.
• Wave 4 never moves beyond the end of wave 1.
• Never are waves 1, 3 and 5 all extended.
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Guidelines
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• Wave 4 will almost always be a different corrective pattern than wave 2.
• Wave 2 is usually a zigzag or zigzag combination.
• Wave 4 is usually a flat, triangle or flat combination.
• Sometimes wave 5 does not move beyond the end of wave 3 (in which case it is called a truncation).
• Wave 5 often ends when meeting or slightly exceeding a line drawn from the end of wave 3 that is parallel to the line connecting the ends of waves 2 and 4, on either arithmetic or semilog scale.
• The center of wave 3 almost always has the steepest slope of any equal period within the parent impulse except that sometimes an early portion of wave 1 (the "kickoff") will be steeper.
• Wave 1, 3 or 5 is usually extended. (An extension appears "stretched" because its corrective waves are small compared to its impulse waves. It is substantially longer, and contains larger subdivisions, than the nonextended waves).
• Often, the extended subwave is the same number (1, 3 or 5) as the parent wave.
• Rarely do two subwaves extend, although it is typical for waves 3 and 5 both to extend when they are of Cycle or Supercycle degree and within a fifth wave of one degree higher.
• Wave 1 is the least commonly extended wave.
• When wave 3 is extended, waves 1 and 5 tend to have gains related by equality or the Fibonacci ratio.
• When wave 5 is extended, it is often in Fibonacci proportion to the net travel of waves 1 through 3.
• When wave 5 is extended, it is often in Fibonacci proportion to the net travel of waves 1 through 3.
• Wave 4 typically ends when it is within the price range of subwave four of 3.
• Wave 4 often subdivides the entire impulse into Fibonacci proportion in time and/or price.
Diagonal
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Rules
• A diagonal always subdivides into five waves.
• An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.
• A leading diagonal always appears as wave 1 of an impulse or wave A of a zigzag.
• Waves 1, 2, 3, 4 and 5 of an ending diagonal, and waves 2 and 4 of a leading diagonal, always subdivide into zigzags.
• Wave 2 never goes beyond the start of wave 1.
• Wave 3 always goes beyond the end of wave 1.
• Wave 4 never moves beyond the end of wave 2.
• Wave 4 always ends within the price territory of wave 1.*
• Going forward in time, a line connecting the ends of waves 2 and 4 converges towards (in the contracting variety) or diverges from (in the expanding variety) a line connecting the ends of waves 1 and 3.
• In a leading diagonal, wave 5 always ends beyond the end of wave 3.
• In the contracting variety, wave 3 is always shorter than wave 1, wave 4 is always shorter than wave 2, and wave 5 is always shorter than wave 3.
• In the expanding variety, wave 3 is always longer than wave 1, wave 4 is always longer than wave 2, and wave 5 is always longer than wave 3.
• In the expanding variety, wave 5 always ends beyond the end of wave 3.
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Guidelines
• Waves 2 and 4 each usually retrace .66 to .81 of the preceding wave.
• Waves 1, 3 and 5 of a leading diagonal usually subdivide into zigzags but sometimes appear to be impulses.
• Within an impulse, if wave 1 is a diagonal, wave 3 is likely to be extended.
• Within an impulse, wave 5 is unlikely to be a diagonal if wave 3 is not extended.
• In the contracting variety, wave 5 usually ends beyond the end of wave 3. (Failure to do so is called a truncation.)
• In the contracting variety, wave 5 usually ends at or slightly beyond a line that connects the ends of waves 1 and 3. (Ending beyond that line is called a throwover.)
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• In the expanding variety, wave 5 usually ends slightly before reaching a line that connects the ends of waves 1 and 3.
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Summary of Rules and Guidelines for impulse Waves

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Summary of Rules and Guidelines for impulse Waves
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