This is a sharp, aggressive correction. Wave A subdivides into 5 small waves. Wave B is a 3-wave rally (weak). Wave C is another 5-wave drop. Zig-zags usually retrace deep, often to the 61.8% or 78.6% level.
Wave 5: The final leg of the trend, often accompanied by heavy optimism. The Corrective Phase (3-Wave Pattern) explain elliott wave theory
Elliott Wave Theory can be applied in trading by using it to identify potential trend reversals and price targets. Here are some steps to follow: This is a sharp, aggressive correction
Elliott identified several "degrees" of waves to categorize their timeframes: Grand Supercycle: Centuries Supercycle: Multi-decade Cycle: One year to several years Primary: A few months to a year Intermediate: Weeks to months Minor: Weeks Minute: Days Minuette: Hours Subminuette: Minutes Fibonacci and Wave Ratios Wave C is another 5-wave drop