Sunday, July 24, 2022
9:42 AM
Compounding Elliott WavE StruCturE
Trading Mindset
Elliott Wave Theory
In Elliott's theory, asset prices alternate between an impulsive
(motive) phase and a corrective phase on all time scales of price.
Impulses are always subdivided into a set of five lower-degree
waves, alternating again between motive and corrective phases,
so that waves 1, 3, and 5 are impulses, and waves 2 and 4 are
smaller corrective retraces of waves 1 and 3, respectively. In
a bear market the dominant trend is downward, and the pattern
is reversed—five waves down and three up. Motive waves
always move with the trend, while corrective waves move
against it.
Elliott Wave Cardinal Rules
Rule 1: Wave 2 does not retrace past the origin of Wave 1
Rule 2: Wave 3 is never the shortest wave.
Rule 3: Wave 4 does not retrace past the termination of
Wave 4
Rule 4: Wave 1, Wave 3, and Wave 5 must be impulse
structures.
Fibonacci Expansions
Most common Expansions:
 100% (1.00)
 123.6% (1.236)
 127.2% (1.272)
 134.14% (1.3414)
 138.2% (1.382)
 161.8% (1.618) – Golden Fib
 175% (1.75)
 200% (2.00)
 223.6% (2.326)
 227.2% (2.272)
 238.2% (2.382)
 261.8% (2.618) – Golden Fib
 300.00% (3.00)
 323.6% (3.236)
 338.2% (3.382)
 361.8% (3.618) – Golden Fib
Larry's Elliott Wave Cheat Sheet Page 1




Fibonacci Retracements
Most Common Retracements:
400% (4.0)
 14.6% (0.146) - Very Rare
423.6% (4.236)
 23.6% (.236)
438.2% (4.382) - Rare
 27.2% (0.272)
461.8% (4.618) – Very Rare Golden Fib
 34.14% (.3414)
 38.2% (.382)
 50.0% (.5)
 55.0% (.55)
 61.8% (.618)
 66.0% (.66)
 70.6% (.706)
 78.6% (.786)
 85.4% (.854) - Rare
 88.6% (.886) - Rare
 90.0% (.9) - Very Rare
 94.0% (.94) - Very Rare
 100% (1.0) - Very Rare
©LarrytheTyrant
Monday, July 18, 2022
10:19 AM
ElliottiCian guidElinES
Guideline of Equality
Guideline of Alternation Within a Correction
Guideline of Depth of Corrective
Waves
Guideline of Depth of
Corrective Waves
Guideline of Equality
States that two of the motive sub-waves in a
five wave sequence will tend toward parity
(equality).
Most often, Wave 3 of an impulse wave is the
extended wave. In these instances, Wave 5 will
be similar in time, or length, or both. When a
Wave 3 is recognized as having an extension,
this is useful for projecting the length of Wave 5.
Guideline of Alternation
Within a Correction
States that the forms of Wave A and Wave C will alternate within a
structure. If Wave A is simple, Wave C will be complex.
This is more evident in complex structures - Double three and Triple Three
combinations. If the correction starts simple, the longer the correction
proceeds the more intricate and complex it will become as the correction
progresses.
.
Guideline of Scale
Guideline of Channeling
Guideline of Scale
States that when looking at the market we should use both linear/arithmetic
scale chart and a logarithmic scale chart when analyzing Elliott Waves. However,
the greater percentage difference between the top/bottom price level, the
greater the importance of using logarithmic scale. We should use linear charts for
wave analysis while also referencing the logarithmic plotted waves in real time.
Logarithmic scale is best for extreme long term analysis, and best for channeling
of larger trends/higher degrees.
Linear scale is best for real time and trading in the moment and looking at waves
on lower degrees.
Larry's Elliott Wave Cheat Sheet Page 2
Guideline of Channeling
States that during a correction in the market after
completion of a 5-Wave impulse, price will most often
correct to the territory of the prior Wave 4 of the lesser
degree (In extensions within an impulse, this is always
evident as Wave 4's typically finish in near the prior
Wave 4.
With larger degree completions, the market will often
correct to the territory of the prior degree Wave 4 or
Wave 1. If Wave 5 had an extension, the ensuing
correction will most likely terminate near sub wave 2 of
the wave that extended.
Guideline of Alternation Within
an Impulse
Guideline of Alternation
Within an Impulse
States we can use the termination of certain
waves within an impulse or correction to
project the potential end of the next wave
within the impulse or correction.
States that the structures for Wave 2 and Wave 4
will alternate in any manner or combination of
time, depth, intricacy of the structure, and
complexity of structure.
Most notably, this can be used to help project
the end of Wave 4, Wave 5, and Wave C (with
the use of Wave A and B.
If Wave 2 is sideways and complex, Wave 4 will
be sharp and simple. This helps in anticipating the
end of Wave 4.
©LarrytheTyrant
Elliottician's Checklist
Sunday, June 19, 2022
3:03 PM
ElliottiCian ChECkliSt
Awareness of Wave Degree, Alternatives, and Variations
Main
(Preferred)
Count
There does not have to be a Bullish and Bearish count. Allow price
action to give you an idea of market bias. Do not force a count.
Analyze the trend and sub wave structure, interpret the next likely
move, place invalidations and validations for confirmation on the
move.
Alternative
Count
 Have an alternative scenario that could play out if the Main Count
is invalidated:
i. If the alternative count(s) is similar to the Main Primary
Count (Bullish or Bearish), this can be interpreted as
evidence that the Main Primary Count captures the best
analysis based on the price action you analyzed.
ii. If alternative count(s) alter drastically from the Main Count
(Bullish or Bearish), the count may be valid however the
trend is not clear and we need more price action data.
Wave Degree
Wave degree refers to the relative time frame that a given wave or
pattern belongs to within a wave count. For example, a pattern that
extends over a few days (subminuette or minuette) would generally
be at a smaller/lower degree than one that extends over several
weeks (Minute or Minor). Average time of completion for each
wave degree is still highly subjective.
©LarrytheTyrant
Directional Trend Confluence:
Primary (before)
Alternate (before)
Directional Trend Confluence continued:
Primary (after)
Alternate (after)
Analyzing, Forecasting, and Projecting
Label the
Trend
 Look at larger time frame (Weekly, Daily and 4H) and label price
action - Is it trending up, trending down, trending sideways?
 Look at smaller time frame (1H and 15M) to confirm prior labeling
on larger time frame
Identify
Wave
Structure
 Is the structure beginning to look like a 3-wave move or a 5-wave
move?
o If 3 moves up/down, expect 5 moves the opposite way
o If 5 moves up/down, expect 3 moves the opposite way
 Impulsive move up? Impulsive move down?
 Correction up? Correction down?
Confirm with
Fib/Vol/RSI
Use Fibonacci, Volume, and RSI to confirm the waves
appropriately.
Consider
Ensure the low time frame trend matches the overall direction of
Wave Degree the larger time frame trend, however do not force the count.
Wave Degree Confluence:
Impulse Confluence
Corrective Confluence
Wave Degree Confluence
If there are at least four wave degree counts lining up at a major point of trend
reversal, highly likely that was the end of the trend for that count. The more
degree's lining up, the higher the probability the trend is over - helps identify the
end of a/some move (example: v of (v) of V of 3).
Larry's Elliott Wave Cheat Sheet Page 3
Directional Trend Confluence
If alternative count(s) vary from the Main Count (Bullish or Bearish) yet arrive at the same
target or projection, this means the trend has been identified however the wave count has
not, and is still a safe trade. Consider this - Market just completed an ABC or WXY:
1. Price then makes 5 impulsive sub-wave moves up or down (This could be an A Wave or a
Wave I)
2. Price then forms 3 corrective sub-wave moves up or down correcting the prior 5
impulsive sub waves (This can be a B Wave or a Wave II)
3. Both 1 and 3 are still valid trades, as there is an expected C Wave or Wave III afterwards.
Incorrect Labeling:
Impulsive
Correct Labeling:
Impulsive
Corrective
Corrective
Thursday, July 21, 2022
8:17 PM
WavE 1
Wave 1 Fibonacci Targets:
Fibonacci Ratio Relationship Probability
No direct Fibonacci relationship N/A
Rules
Must NOT retrace past the origin
of Wave 1.
1-2, 1-2 • 2nd Wave 1 almost ALWAYS
exceeds first Wave 1
Setup
• 2nd Wave 2 never moves below
First Wave 0:2 trendline
• 2nd Wave 1-2 typically does not
exhibit alternation
• 2nd Wave 2 is not as deep as 1st
Wave 2
• 2nd 1-2 needs to be similar in
proportions or less than first 1-2
Nesting 1/2, 1/2
Wave 1 Profile:
Wave Type Motive, Actionary
Extensions Extensions typically occur in one actionary wave
(W1, W3, or W5). Wave 3 is the most likely to
have an extension. Wave 1 is least likely to
extend.
After an extension, the ensuing correction is
likely to be sharp and end near the extreme of
Wave 2 of the extension.
• Often the sub wave that is extended is
the same wave that will be extended in
larger degree.
• If Wave 3 extends, Wave 5 most likely
will be simply constructed and resemble
Wave 1 in time and length.
• NEVER are Wave 1, Wave 3, and Wave 5
all extended.
• If Wave 1 and Wave 3 did not extend,
likely Wave 5 will extend.
Guidelines
Potential
Scenarios
Wave 1 is difficult to predict in both price and
time. As a general rule, Wave 1 can be
expected, however projecting Wave 1
approximately is extremely difficult. The largest
clue that Wave 1 is occurring is if the prior 3rd
and 5th sub-wave of the preceding C/Y/Z
correction has divergence, and if sub-wave 2 of
potential Wave 1 immediately tests the new
low/new high created and fails to make an new
low/new high.
Wave 1 can only subdivide into a regular
impulse, extended impulse, or a leading
diagonal.
• Leading diagonal CANNOT be truncated
Larry's Elliott Wave Cheat Sheet Page 4
Price briefly breaks the new high/low created in the first Wave and immediately returns to the first Wave 1
and 2 range after surpassing the new high/low or failing to do so. The 2nd Wave 2 typically does not retrace
more than .5. If the second Wave 1 does not exceed the high of the first Wave 1, it should be treated as a
Flat depending upon the sub-wave structure, and is very unlikely that an extension (1-2, 1-2) is brewing.
If price breaks the lower trendline of the first 1/2, more likely we are in a complex Wave 2, Wave 2 is a flat,
or potential Wave 1 is a Wave X.
Deep 1/2, 1/2
Wave 3 appears to be underway, yet price immediately returns to the first Wave 1 and 2 range.
It may be tempting to label the structure a wave 4 and label the move as a leading diagonal, however if
there is not a clear diagonal trendline being respected (converging, diverging, or parallel channel
trendlines) and a clear 5 waves can be distinguished - high possibility this is a Deep 1/2, 1/2 set up.
©LarrytheTyrant
WavE 2
Wave 2 Fibonacci Retracement Targets:
Fibonacci Ratio Relationship Probability
.236 - .382
Uncommon
.382 - .5
Common
.618 - .786
Most Common
.886 - 1.00
Rare
Rules
Must NOT retrace past the origin
of Wave 1.
Alternation Examples:
Corrective Pattern Structure
Strength and Depth
Time of Formation
Intricacy/Complexity
Wave 2 Profile:
Wave Type Corrective, Reactionary, Sharp or Sideways,
Simple or Complex
Potential
Patterns
Can subdivide into:
• Zig Zag
• Regular Flat, Expanded Flat, Running
Flat
• Double Three Combo (WXY)
• Triple three combo (WXYXZ)
NEVER subdivides as a Triangle by itself.
Wave 2 and 4 nearly always alternate in terms
Law of
Alternation of:
• Structure of corrective pattern
• Time of formation
• Strength and Depth of Retracement
• Intricacy/Complexity (number of subwave divisions
If one completed a sharp and simple correction
(zigzag or double zig zag), the other will likely be
sideways and a complex correction (flat, triangle
or combination).
Guidelines
The correction begins following completion of a
Wave 1 impulsive wave that occurs after
completion of a Wave C/Y/Z. Ensure the Wave 1
Impulse has a 5-wave sub structure.
Wave 2 is a three-wave structure comprised of
Wave A, Wave B, and Wave C.
• Must subdivide into a 3-wave simple or
complex structure.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 5
Sunday, June 19, 2022
11:00 AM
WavE 3
Wave 3 Fibonacci Targets: Larry Pull
Fibonacci Ratio Relationship Probability
1.00 – 1.618
Common
1.618 – 1.786
Most Common
1.786 – 2.618
Most Common
2.618 - 3.0
Common
3.0 - 3.618
Uncommon
4.0 – 4.618
Rare
Wave 3 Fibonacci Targets: Trend Based
Fibonacci Ratio Relationship Probability
1.236 - 1.618 - 2.236 (no extension)
Most Common
2.618 - 3.236 - 3.618 (extension
present)
Common
4.236 - 4.414 - 4.618 (multiple
extensions)
Uncommon
Rules
Wave CANNOT be shortest
impulse wave.
Wave 3 is NEVER a diagonal
Extensions:
Wave 3 Profile:
One Extension
Wave Type Motive, Actionary
Extensions Extensions typically occur in one actionary wave (W1, W3, or W5). Wave 3 is the
most likely to have an extension, and Wave 1 is least likely to extend. After an
extension, the ensuing correction is likely to be sharp and end near the extreme
of Wave 2 of the extension.
• Often the sub wave that is extended is the same wave that will be
extended in larger degree.
• If Wave 3 extends, Wave 5 most likely will be simply constructed and
resemble Wave 1 in time and length.
• NEVER are Wave 1, Wave 3, and Wave 5 all extended.
• If Wave 1 and Wave 3 did not extend, likely Wave 5 will extend.
***Hint - in order for an extension to occur, it must ping the next
level***
• For a chance of a full 2nd extension to 2.618, price must at least hit
the 2.0
• For a chance of a full 3rd extension to 3.618, price must at least hit
the 3.0
• For a chance of a full 4th extension to 4.618, price must at least hit
the 4.0.
Guidelines The impulse begins following completion of Wave 2 (that has subdivided into a
3-wave structure). If there is a current channel being formed, Wave 3 that often
occurs in a parallel channel. It is a three-wave structure comprised of Wave A,
Wave B, and Wave C.
Common
Scenarios
Wave 3's can have:
• Single extension (9 waves)
• Double extension (13 waves)
• Triple extension (17 waves)
Very rarely is there a Triple Extension.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 6
Two Extensions
Sunday, June 19, 2022
11:00 AM
WavE 4
Zig Zag Profile:
Wave 4 Fibonacci Retracement Targets:
Fibonacci Ratio Relationship Probability
.236 - .272
Uncommon
.3414 -.382
Common
.382 - .5
Most Common
.618 - .66
Common
Rules
Must NOT retrace past the
termination of Wave 1.
Common
Scenarios
Wave 4's tend to finish in the prior
degree Wave 4 territory.
Alternation Examples:
Wave Type Corrective, Reactionary, Sharp or Sideways, Simple
or Complex
Structure
3 waves
Rules
Must NOT retrace past the origin of Wave 1.
Potential
Patterns
Can subdivide into: Zig Zag, Regular Flat, Expanded
Flat, Running Flat, Double Three Combo (WXY),
Triple three combo (WXYXZ), Contracting, Running,
or Barrier Triangle
Corrective Pattern Structure
Strength and Depth
Time of Formation
Intricacy/Complexity
Law of
Wave 2 and 4 nearly always alternate in terms of:
Alternation
• Structure of pattern
• Time of formation
• Strength and Depth of Retracement
• Intricacy/Complexity (number of sub-wave
divisions)
If Wave 2 or 4 completed a sharp and simple
correction (zigzag or double zig zag), the other will
likely be sideways and a complex correction (flat or
combination).
*If Wave 4 alternates from Wave 2 in all aspects, very
high probability the count is correct and are currently
in a Wave 4, with an expected Wave 5.*
Guidelines
Fourth waves can be predictable in both depth and
form because of the guideline of alternation. They
often trend sideways and form complex corrections,
building a base for the final Wave 5 to spring from.
However, Wave 4 is difficult to label as "completed"
due to the nature of Wave 4 - it is the most likely
wave to develop into a complex correction or a
corrective combination.
Larry's Elliott Wave Cheat Sheet Page 7
©LarrytheTyrant
Sunday, June 19, 2022
11:00 AM
Larry's Elliott Wave Cheat Sheet Page 8
WavE 5
Wave 5 Fibonacci Targets: Larry Pull
Fibonacci Ratio Relationship
Probability
1.236 - 1.618
Most Common
1.786 - 2.0
Common
2.0 - 2.618
Uncommon
Equal to Wave I
Not common
*Common if Wave III identified
to have an extension
.618 of Wave I-III combined
Rare
Wave 5 Fibonacci Targets: Trend Based
Fibonacci Ratio Relationship Probability
0.618 of Wave 0:3:4 (no extension)
Most Common
1.0 of Wave 1 (no extension)
Uncommon
1.0, 1.236, 1.618 of Wave 1-3
(extension present)
Common
Potential Scenarios:
Ending Diagonal (Common)
Wave 5 Profile:
Wave Type Motive, Actionary
Extensions Extensions typically occur in one actionary wave (W1, W3, or W5). Wave 3 is
the most likely to have an extension. Wave 1 is least likely to extend. After an
extension, the ensuing correction is likely to be sharp and end near the extreme
of Wave 2 of the extension.
• Often the sub wave that is extended is the same wave that will be
extended in larger degree.
• If Wave 3 extends, Wave 5 most likely will be simply constructed and
resemble Wave 1 in time and length.
• NEVER are Wave 1, Wave 3, and Wave 5 all extended.
• If Wave 1 and Wave 3 did not extend, likely Wave 5 will extend.
Guidelines
Fifth waves are less dynamic and display slower speed of price change than the
previous waves. They will usually be accompanied by lesser volume and breadth.
We will often see momentum divergence forming at the termination point of
Wave 5, indicating a weakening of the trend and price is poised for a reversal.
• Wave 5 extensions, truncated Wave 5's, and Wave 5 ending diagonals
imply a potential dramatic reversal ahead.
• At some turning points, two of these irregularities can occur together in
the same structure yet different degrees - compounding the violence of
the next move/reversal in the opposite direction.
Potential
Scenarios
Truncation (Rare)
Divergence (Very Common)
Wave 5's can have:
• Ending Diagonal
• Leading Diagonal
• Divergence
• Truncation
• Truncation typically only occurs if there was multiple extensions in Wave 1,
Wave 3, or both waves.
Larry's Elliott Wave Cheat Sheet Page 9
©LarrytheTyrant
Saturday, July 23, 2022
10:29 PM
WavE a
Wave 1 Fibonacci Targets:
Fibonacci Ratio Relationship Probability
No direct Fibonacci relationship N/A
Rules
CANNOT subdivide as only 3
waves, must subdivide into 5
waves.
Wave A Profile:
Wave Type
Motive, Actionary
Characteristics Wave A is difficult to predict in both price and time. As a general rule, Wave A can be expected, however projecting Wave 1 approximately is
extremely difficult. The largest clue that Wave A is occurring is if the prior 3rd and 5th sub-wave of the preceding 5/C/Y/Z correction has
divergence, and if sub-wave 2 of potential Wave A immediately tests the new low/new high created and fails to make an new low/new high.
A sharp Wave A that starts subdividing as a 5-wave structure indicates a Zig Zag correction is forming. If the 5-wave move was shallow, expect a
complex correction to ensue.
A shallow or sideways Wave A that starts subdividing as a 3-wave structure indicates a potential Flat correction is forming.
A sharp Wave A that starts subdividing as a 3-wave structure indicates a potential Triangle is forming.
Guidelines
It is not allowable to have both truncation in Wave A and Wave C.
If the previous impulse waves were extended, there is a probability that the ABC correction will be deeper than expected, or a combination is
expected.
Potential
Scenarios
Wave A can only subdivide into a regular impulse, extended impulse, or a leading diagonal.
• Leading diagonal CANNOT be truncated
Uptrend Diagonal
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 10
Downtrend Diagonal
Thursday, July 14, 2022
3:09 PM
WavE B
Wave B Fibonacci Retracement Targets:
Fibonacci Ratio Relationship Probability
.236 - .272
Uncommon
.236 - .382
Common
.382 - .5
Most Common
.618 - .66
Common
.786 - .886
Common
Rules
Wave B can by ANY correction
in a Zig Zag.
Wave B can ONLY be a Zig Zag
(of any kind) in a Flat or a
Triangle.
Common Wave B Examples:
Zig Zag of any kind
Triangle of any kind
Flat of any kind
WXY of any kind
Wave B Profile:
Wave Type
Corrective, Reactionary, Sharp or Sideways, Simple
or Complex
Potential
Patterns
Can subdivide into:
• Zig Zag (of any kind)
• Regular Flat, Expanded Flat, Running Flat
• Triangle (of any kind)
• Double Three Combo (WXY)
• Triple three combo (WXYXZ)
Characteristics Wave B is often considered a bull trap as it often
traps traders into believing the prior existing trend
is still healthy. Wave B most often fails to surpass
Wave 5.
Guidelines
Wave B must retrace at least by 23.6% of Wave A.
There is no minimum time constraint for Wave B,
however it typically will not exceed 10 times the
length of time taken to form Wave A.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 11
Thursday, July 14, 2022
3:09 PM
WavE C
Wave C Fibonacci Targets: Larry Pull
Fibonacci Ratio Relationship Probability
.618 of Wave A
Uncommon
Equal to Wave A
Common
1.236 - 1.272 -1.382
Very Common
1.618 - 1.786
Most Common
2.00 - 2.236 - 2.272
Common
2.382 - 2.618
Uncommon
Wave C Fibonacci Targets: Trend Based
*Look for price reactions at the Fibonacci levels. If price
does not reject, and sub-wave structure is not complete,
look for the next level to be hit.
Fibonacci Ratio Relationship
Zig Zag Targets - .618, 1:1, 1.236, 1.382, 1.618
Expanded Flat Targets - 1.236, 1.382, 1.618, 2.236
Regular Flat Targets - 1.236, 1.382, 1.618
Running Flat Targets - .618, 1:1
Rules
CANNOT subdivide as only 3
waves, must subdivide into 5
waves.
Guideline of Depth
States that during a correction in the market after
completion of a 5-Wave impulse, Wave C will most
often correct to the territory of the prior Wave 1 of
the lesser degree (In extensions within an impulse,
this is always evident).
With larger degree completions, the market will often
correct to the territory of the prior degree Wave 4 or
Wave 1.
Wave C Profile:
Wave Type
Motive, Actionary
Potential
Patterns
Can subdivide into: Impulse or Ending Diagonal
Characteristics States that the forms of Wave A and Wave C will alternate within a structure. If Wave A
is simple, Wave C will be complex, and vice versa. As with Wave 5, we will often see
momentum divergence forming at the termination point of Wave C, indicating a
weakening of the trend and price is poised for a reversal.
Guidelines
It is not allowable to have both truncation in Wave A and Wave C.
If the initial ABC correction following a 5 Wave impulse fails to break the trendline of
the lows that connect Wave 2 and Wave 4 of the prior Motive Phase, there is a large
chance of the correction turning into a complex correction.
If the previous impulse waves were extended, there is a probability that the ABC
correction will be deeper than expected, or a combination is expected.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 12
Zig Zag pattErn
Zig Zag Fibonacci Targets:
Fibonacci Ratio Relationship Retracements
and Expansions
Wave A
No direct
relationship
Wave B
23.6%, 27.2%,
38.2%, 50%, 61.8%,
78.6%, or 85.4% of
Wave A
Wave C (Larry Pull)
61.8%, 78.6%,
100%, 113%,
123.6%, 127.2%,
138.2%, 161.8%,
200%, 223.6%,
238.2%, or 261.8%
of Wave A
Wave C is RARELY
truncated
Wave C Fibonacci Targets: Trend Based
*Look for price reactions at the Fibonacci levels. If
price
does not reject, and sub-wave structure is not
complete,
look for the next level to be hit.
Fibonacci Ratio Relationship
0.618, 1:1, 1.236, 1.382, 1.618
Rules
Zig Zag Profile:
Mode
Corrective, Reactionary
Style
Sharp, Simple
Frequency
First most likely corrective pattern.
Structure
5-3-5
Notable
Zig Zags most commonly occur in Wave 2, yet can occur in Wave 4. However, they can
Placements also occur in:
 Wave 2 and 4 of a Leading Diagonal in Wave 1/A
 Wave 2 and 4 of a Ending Diagonal in Wave 5/C
 Wave B in any simple or complex correction.
 Wave X in any complex correction.
 Wave W and Y in double three complex corrections.
 Wave W/X/Y/Z in triple three corrections.
Guidelines The correction begins following completion of a five-wave impulsive pattern that often
occurs in a parallel channel. It is a three-wave structure comprised of Wave A, Wave B,
and Wave C.
*Most common compared to Flats and Triangles*
Most commonly occurs in Wave 2 and Wave X.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 13
Wave B Must NOT retrace past the
origin of Wave A.
Wave Characteristics:
Wave A
Five motive (actionary) waves. It is
the start of a trend correction on a
larger degree.
Wave B
Three corrective (reactionary)
waves. It is corrective as it
countertrends the larger degree
trend. The "Bounce" prior to the
Wave C extension.
Most commonly retraces between
Fib levels of .382 and .786.
Wave C
Five motive (actionary) waves. It's
the continuation of the Wave A
Extension of the larger degree
trend .
Sunday, June 19, 2022
11:00 AM
rEgular Flat pattErn
Regular Flat Fibonacci Targets:
Fibonacci Ratio Relationship Retracements and
Expansions
Wave A
No direct relationship
Wave B
88.6%, 90.0%, or 100%
of Wave A
Wave C (Larry Pull)
100%, 113%, 123.6%,
127.2%, 138.2%,
161.8%, 200%, 223.6%,
or 227.2% of Wave A
Wave C Fibonacci Targets: Trend Based
*Look for price reactions at the Fibonacci levels. If
price
does not reject, and sub-wave structure is not
complete,
look for the next level to be hit.
Fibonacci Ratio Relationship
1.236, 1.382, 1.618
Rules
Wave B must NOT retrace past the
origin of Wave A.
Wave B MUST extend past the
termination of A.
Regular Flat Profile:
Mode
Corrective, Reactionary
Style
Sideways, Simple
Frequency
Second most likely corrective pattern.
Most likely Flat pattern to occur.
Structure
3 waves, 3-3-5
Notable
Placements
Regular Flats most commonly occur in Wave 4, yet can also occur in Wave 2. However, they
can also occur in:
 Wave B in any simple correction.
 Wave X in any correction.
 Wave W and Y in double three complex corrections.
 Wave W, X, Y and Z in triple three corrections.
Most commonly occurs in Wave 4 and Wave W.
Guidelines
The correction begins following completion of a five-wave impulsive pattern that is often
contained in a sideways parallel channel. It is a three-wave structure comprised of Wave A,
Wave B, and Wave C.
The more powerful the underlying trend, the briefer the flat tends to be.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 14
Wave Characteristics:
Wave A
Three corrective (reactionary)
waves. It is the start of a trend
correction on a larger degree.
Wave B
Three corrective (reactionary)
waves. It is corrective as it
countertrends the larger
degree trend. The "Bounce"
prior to the Wave C extension.
Wave C
Five motive (actionary) waves.
It is the continuation of Wave A.
Cannot be truncated.
Sunday, June 19, 2022
11:00 AM
ExpandEd Flat pattErn
Expanded Flat Fibonacci Targets:
Fibonacci Ratio Relationship Retracements and
Expansions
Wave A
No direct relationship.
Wave B
105%, 113%, 123.6%,
127.2%, 134.14%, or
138.2% of Wave A.
Wave C (Larry Pull)
100%, 113%, 123.6%,
127.2%, 138.2%, 161.8%,
200%, 236%, or 272% of
Wave A.
Wave C Fibonacci Targets: Trend Based
*Look for price reactions at the Fibonacci levels. If price
does not reject, and sub-wave structure is not complete,
look for the next level to be hit.
Fibonacci Ratio Relationship
1.236, 1.382, 1.618, 2.236
Rules
Wave B MUST retrace past the
origin of Wave A.
Wave B MUST extend past the
termination of Wave B.
Wave C CANNOT be truncated.
Expanded Flat Profile:
Mode
Corrective, Reactionary
Style
Sideways, Simple
Frequency
Third most likely corrective pattern.
Second most likely Flat pattern to occur.
Structure
3 waves, 3-3-5
Notable
Placements
Expanded Flats most commonly occur in Wave 4, yet can also occur in Wave 2. However,
they can also occur in:
 Wave B in any simple correction.
 Wave W, X, and Y in double three complex corrections.
 Wave Z in triple three corrections.
Most commonly occurs in Wave 4 and Wave B.
Cannot occur in a Triple Three Correction (WXYXZ) if WXYXZ is a Triple Zig Zag.
Guidelines
Wave Characteristics:
Wave A
Three corrective (reactionary)
waves. It is the start of a trend
correction on a larger degree.
Wave B
Three corrective (reactionary)
waves. It is corrective as it
countertrends the larger degree
trend.
Wave C
The correction begins following completion of a five-wave impulsive pattern that often
occurs in a parallel channel. It is a three-wave structure comprised of Wave A, Wave B, and
Wave C.
Five motive (actionary) waves. It
is the continuation of Wave A.
The more powerful the underlying trend, the briefer the flat tends to be.
Cannot be truncated.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 15
Sunday, June 19, 2022
11:00 AM
running Flat pattErn
Running Flat Fibonacci Targets:
Fibonacci Ratio Relationship Retracements and
Expansions
Wave A
No direct relationship
Wave B
100%, 105%, 113%,
123.6%, 127.2%,
134.14%, or 138.2% of
Wave A.
Wave C (Larry Pull)
61.8%, 78.6%, 88.6%,
90.0%, or 100% of
Wave A
Wave C Fibonacci Targets: Trend Based
*Look for price reactions at the Fibonacci levels. If
price
does not reject, and sub-wave structure is not
complete,
look for the next level to be hit.
Fibonacci Ratio Relationship
0.618, 1:1
Rules
Wave B Must retrace past the
origin of Wave A.
Wave B Must retrace past the
origin of Wave B.
Running Flat Profile:
Mode
Corrective, Reactionary
Style
Sideways, Simple
Frequency
Fourth most likely corrective pattern.
Least likely Flat structure to occur.
Structure
3 waves, 3-3-5
Notable
Placements
Running Flats most commonly occur in Wave 4, yet can also occur in Wave 2. However,
they can also occur in:
 Wave B in any simple or complex correction.
 Wave X in any complex correction.
 Wave W and Y in double three complex corrections.
 Wave Z in triple three corrections.
Most commonly occurs in Wave 4.
Guidelines
The correction begins following completion of a five-wave impulsive pattern that often
occurs in a parallel channel. It is a three-wave structure comprised of Wave A, Wave B, and
Wave C.
The more powerful the underlying trend, the briefer the flat tends to be. The market bias
of the original trend is so powerful the pattern is skewed in the that strong direction.
Internal subdivision and structure must adhere to the rules to conclusively validate a
Running Flat.
Larry's Elliott Wave Cheat Sheet Page 16
Wave Characteristics:
Wave A
Three corrective
(reactionary) waves. It is the
start of a trend correction on
a larger degree.
Wave B
Three corrective
(reactionary) waves. It is
corrective as it countertrends
the larger degree trend.
Wave C
Five motive (actionary)
waves. It is the continuation
of Wave A.
Cannot be truncated.
©LarrytheTyrant
Sunday, June 19, 2022
11:00 AM
ContraCting trianglE
Triangle Fibonacci Targets
Fibonacci Ratio Relationship Probability
Wave A
No direct
relationship
Wave B
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave A
Wave C
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave B
Wave D
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave C
Wave E
50%, 55%, 61.8%,
66%, 70.6%, 78.6%,
88.6% of Wave D
Rules
Wave B is less than Wave A
Wave C is less than Wave B
Wave D is less than Wave C
Wave E is less than wave D
A>B>C>D>E
Trendline that connects the lows of A, C, and
E CAN be broken, however price cannot
break the low of the prior wave.
Contracting Triangle Profile:
Mode
Corrective, Reactionary
Style
Sharp, Simple
Structure
5 waves, 3-3-3-3-3
Frequency
Fifth most likely corrective pattern.
Most likely Triangle structure to occur. (Occurs 60% of the time).
Notable
Placements
Contracting Triangles most commonly occur in Wave 4. However, they
can also occur in:
• Wave B in any simple or complex correction.
• Wave X in any complex correction.
• Wave Y in double three complex corrections.
• Wave Z in triple three corrections.
• Does NOT occur in Wave 2.
Typically occurs PRIOR to final actionary wave, however can occur as the
FINAL actionary wave.
Guidelines
Difficult to identify until Leg C is completed
Uncommon Scenario:
Wave C is the most likely to be a complex wave.
Uncommon
Scenarios
Wave E Normally subdivides into a Zig Zag, however can RARELY
subdivide as a Triangle by itself.
Potential for any leg to form a Triple Zig Zag (WXYXZ), however this is
extremely unlikely.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 17
Sunday, June 19, 2022
11:00 AM
running trianglE
Triangle Fibonacci Targets
Fibonacci Ratio Relationship
Probability
Wave A
No direct
relationship
Wave B
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave A
Wave C
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave B
Wave D
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave C
Wave E
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave D
Rules
Wave B MUST retrace beyond the origin of A.
A<B
B>C>D>E
Trendline that connects the lows of A, C, and
E CAN be broken, however price cannot
break the low/high of the prior wave.
Contracting Triangle Profile:
Mode
Corrective, Reactionary
Style
Sharp, Simple
Structure
5 waves, 3-3-3-3-3
Frequency
Sixth most likely corrective pattern.
Most likely Triangle structure to occur. (Occurs 40% of the time).
Notable
Placements
Contracting Triangles most commonly occur in Wave 4. However, they
can also occur in:
• Wave B in any simple or complex correction.
• Wave X in any complex correction.
• Wave Y in double three complex corrections.
• Wave Z in triple three corrections.
• Does NOT occur in Wave 2.
Uncommon Scenario:
Typically occurs PRIOR to final actionary wave in the pattern of the larger
degree, however can occur as the FINAL actionary wave.
Guidelines
Difficult to identify until Leg C is completed
Wave C is the most likely to be a complex wave.
Uncommon
Scenarios
Wave E Normally subdivides into a Zig Zag, however can RARELY
subdivide as a Triangle by itself.
Potential for any leg to form a Triple Zig Zag (WXYXZ), however this is
extremely unlikely.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 18
Saturday, July 16, 2022
9:22 PM
BarriEr trianglE
Triangle Fibonacci Targets
Fibonacci Ratio Relationship Probability
Wave A
No direct
relationship
Wave B
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave A
Wave C
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave B
Wave D
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave C
Wave E
55%, 61.8%, 66%,
70.6%, and 78.6% of
Wave D
Rules
Wave B is less than Wave A
Wave C is less than Wave B
Wave D is less than Wave C
Wave E is less than wave D
A>B>C>D>E
Trendline that connects the lows of A, C, and
E CAN be broken, however price cannot
break the low/high of the prior wave.
Contracting Triangle Profile:
Mode
Uncommon Scenario:
Corrective, Reactionary
Style
Sharp, Simple
Structure
5 waves, 3-3-3-3-3
Frequency
Sixth most likely corrective pattern.
Most likely Triangle structure to occur.
Notable
Placements
Contracting Triangles most commonly occur in Wave 4. However, they can also
occur in:
• Wave B in any simple or complex correction.
• Wave X in any complex correction.
• Wave Y in double three complex corrections.
• Wave Z in triple three corrections.
• Does NOT occur in Wave 2.
Typically occurs PRIOR to final actionary wave, however can occur as the FINAL
actionary wave.
Guidelines
Difficult to identify until Leg C is completed
Wave C is the most likely to be a complex wave.
Uncommon
Scenarios
Wave E Normally subdivides into a Zig Zag, however can RARELY
subdivide as a Triangle by itself.
Potential for any leg to form a Triple Zig Zag (WXYXZ), however this is
extremely unlikely.
Larry's Elliott Wave Cheat Sheet Page 19
©LarrytheTyrant
Sunday, June 19, 2022
11:00 AM
lEading ContraCting diagonal
Leading Diagonal Fibonacci Targets
Fibonacci Ratio Relationship
Retracements and
Expansions
Wave 1
No direct
relationship
Wave 2
61.8%, 66%,
78.6%, and 81,
83.2%, 88.6%
Wave 3
No direct
relationship
Wave 4
38.2%, 50%,
61.8%, 66%,
70.6%,
Always ends past
Wave 1
Wave 5
Rules
No direct
relationship
• Wave 1 > Wave 3 > Wave 5
• Wave 2 > Wave 4
• Wave 5 CANNOT be truncated.
Uptrend
Leading Diagonal Profile:
Mode
Impulsive, Motive
Style
Sharp, Simple
Structure
(3-3-3-3-3) or
( 5-3-5-3-5) - Rare
Cannot be a hybrid structure.
Notable
Placements
Leading Diagonals can only occur in:
 Wave 1 within an Impulse
 Wave A within a Correction
Guidelines
Leading Diagonals tend to often end with a "throw-over" in the 5th wave of the
Leading Diagonal (extending above the upper trendline of the diagonal).
Downtrend
Throw-overs are occasionally telegraphed by a preceding "throw-under" in
Wave 4 of the diagonal (break below the lower trendline of the diagonal).
Typically signifies exhaustion of the larger trend and notably retraces sharply
back to the level where it began and typically much further.
*Diagonals can trend in a parallel channel, contracting, or expanding nature.
Uncommon
Scenarios
Potential for any leg to form a Triple Zig Zag (WXYXZ), however this is
extremely unlikely.
Larry's Elliott Wave Cheat Sheet Page 20
©LarrytheTyrant
Sunday, June 19, 2022
11:00 AM
Ending ContraCting diagonal
Ending Diagonal Fibonacci Targets
Fibonacci Ratio Relationship
Retracements
and Expansions
Wave 1
No direct
relationship
Wave 2
61.8%, 66%,
78.6%, and 81,
83.2%, 88.6% of
Wave 1
Wave 3
No direct
relationship
Wave 4
38.2%, 50%,
61.8%, 66%,
70.6%, of Wave 3
Always ends past
Wave 1
Wave 5
Rules
• Wave 1 > Wave 3 > Wave 5
• Wave 2 > Wave 4
• CAN be truncated (as long as
structure is valid)
Uptrend
Ending Diagonal Profile:
Mode
Impulsive, Motive
Style
Sharp, Simple
Rules
Wave 1 > Wave 3 > Wave 5
Wave 2 > Wave 4
Structure
3-3-3-3-3
Notable
Placements
Ending Diagonals can only occur in:
 Wave 5 within an Impulse
 Wave C within a Correction
More likely to occur in Wave 5. This is because the preceding move has gone
too far too fast.
In a WXY or WXYXZ, they occur as the final C Wave.
Guidelines
Typically signifies exhaustion of the larger trend and notably retraces sharply
back to the level where it began and typically much further.
*Diagonals can trend in a parallel channel, contracting, or expanding nature.
Uncommon
Scenarios
Potential for any leg to form a Triple Zig Zag (WXYXZ), however this is
extremely unlikely.
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 21
No direct
relationship
Downtrend
Sunday, June 19, 2022
11:00 AM
douBlE thrEE ComBination: WxY
WXY Fibonacci Targets: Larry Pull
Fibonacci Ratio Relationship Retracements and
Expansions
Wave W
No direct relationship
Wave X
50%, 55%, 61.8%,
70.6%, 78.6%, 83.2%,
85.4%, 88.6%, 90%,
113%, 123.6%, 127.2%
Cannot extend past W
if Double Zig Zag
Wave Y (Larry Pull)
100%, 113%, 123.6%,
127.2%, 138.2%,
161.8%, or 200% of
Wave A
Almost always ends
past Wave W
Can be truncated
Wave Y Fibonacci Targets: Trend Based
Fibonacci Ratio Relationship Probability
WXY Structure:
Mode
Corrective, Reactionary
Style
Sideways, Complex
Structure
3-3-3
Most Common
1.05 - 1.13
Common
1.236 - 1.382 - 1.618
Common
1.786 - 2.236
Uncommon
Rules
Notable
Double Three's most commonly occur in Wave 2 and Wave 4. However, they can also occur in:
Placements
 Wave B in any simple correction.
 Wave A of a flat.
Guidelines
0.618 - 1.0
If the initial ABC correction following a 5 Wave impulse fails to break the trendline of the lows that
connect Wave 2 and Wave 4 of the prior Motive Phase, there is a large chance of the correction
turning into a complex correction. The forms of Wave W and Wave Y will often alternate within a
structure. If Wave W is simple, Wave Y will be complex, or the correction
Wave X can take any form
however notably takes the form
of a Zig Zag.
If structure is a Double Zig Zag,
Wave X cannot retrace past
origin of Wave W.
There is no predicting the end of a Complex Combination. If two corrective structures can be
identified clearly that connect (Wave W and Wave X), await the for the A and B of Wave Y to mark
clear validations and invalidations for the next move.
WXY's most commonly start with a Zig Zag.*
WXY Examples
Example 1
Example 2
Example 3
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 22
Sunday, June 19, 2022
11:00 AM
triplE thrEE ComBination: WxYxZ
WXYXZ Structure:
Mode
Corrective, Reactionary
Style
Sideways, Complex
Structure
3-3-3-3-3
Notable
Placements
WXYXZ's can only occur in: Wave B in a Zig Zag, Wave 2, Wave 4, Correction after
completion of a 5 wave motive phase cycle.
Guidelines
This is an extremely rare pattern, and you should avoid counting it in real time and should wait
until the final leg is being formed. The only thing we can expect in a WXYXZ is complete
alternation or no alternation.
When there is alternation, there is typically only 1 Zig Zag out of the actionary waves of W, Y,
and Z:
• ZZ, X, Flat, XX, Triangle
• Flat, X, ZZ, XX, Triangle
• Flat, X, ZZ, XX, Flat
WXYXZ Fibonacci Targets: Larry Pull
Fibonacci Ratio Relationship Retracements and
Expansion
Wave W
No direct relationship
Wave X
50%, 55%, 61.8%, 70.6%,
78.6%, 83.2%, 85.4%, 88.6%,
90%, 113%, 123.6%, 127.2%
Cannot extend past W if Triple
Zig Zag
Wave Y (Larry Pull)
113%, 123.6%, 127.2%,
138.2%, 150%, 161.8%,
178.6% of W
Wave X
50%, 55%, 61.8%, 70.6%,
78.6%, 83.2%, 85.4%, 88.6%,
90%, 113%, 123.6%, 127.2%
Cannot extend past Y if Triple
Zig Zag
Wave Z (Larry Pull)
113%, 123.6%, 127.2%,
138.2%, 150%, 161.8%,
178.6% of W
Cannot be truncated
When there is no alternation, only two patterns can occur:
ZZ, X, ZZ, XX, ZZ (Triple Zig Zag - Rare)
Flat, X, Flat, XX, Flat (Triple Flat - More Rare)
F&P notes in EWP "As with multiple zigzags, three patterns appear to be the limit, and
even those are rare compared to the more common WXY."
Common WXYXZ Examples
Alternation
No Alternation
©LarrytheTyrant
Larry's Elliott Wave Cheat Sheet Page 23