What it draws
Marks a three-wave corrective sequence labelled A, B and C that moves against the preceding impulse. It covers the standard zigzag and flat corrections that separate motive waves.
How to draw it
- Pick Elliott Correction Wave (ABC) from the left toolbar (Elliott Waves group).
- Four anchor points: click the origin of wave A, then the end of A, the end of B, and the end of C. The chart connects the pivots and prints the A, B, C labels.
How traders use it
- Project wave C at equality with wave A (or 1.618 of A in extended corrections) to estimate where the correction may complete.
- Measure the whole correction against the prior impulse — the 0.382-0.618 retracement zone is the conventional landing area.
- Classify the shape: a deep B (near the start of A) suggests a flat, a shallow B a zigzag, which changes the expectation for C.
- The end of wave C is a common location to rejoin the larger trend marked by an impulse count.
Settings reference
Double-click the drawing (or use its floating toolbar → gear) to open settings:
| Setting | Control | Possible values | Default | Effect |
|---|---|---|---|---|
| Degree | select | Grand Supercycle | Supercycle | Cycle | Primary | Intermediate | Minor | Minute | Minuette | Subminuette | Intermediate | Wave degree — controls the notation convention used for the wave point labels. |
| Label Style | select | 1 2 3 4 5 (arabic) | I II III IV V (roman) | A B C D E (letters) | 1 2 3 4 5 (arabic) | Numbering/lettering style used for the wave point labels. |
| Color | color | any color (theme color picker) | #05B878 | Main stroke color of the drawing — lines, outlines and (unless overridden) labels derive from it. |
| Line Width | select | 1px | 2px | 3px | 4px | 2px | Stroke thickness of the drawing’s lines and outlines. |
| Line Style | select | Solid | Dashed | Dotted | Solid | Dash pattern used for the drawing’s lines. |
| [Tab] Text — Text | checkbox + textarea | on/off, with a multiline text box for the label content | off (on when the drawing already carries text) | Enables an attached text label on the drawing; typing in the box auto-enables it and updates the label live. |
| [Tab] Text — Text Color | color | any color | same as the drawing’s line color | Color of the attached text label. |
| [Tab] Text — Font Size | select | 8, 10, 11, 12, 14, 16, 18, 20, 24, 28, 32, 36, 48, 64, 72 | 14 | Point size of the attached label text. |
| [Tab] Text — Bold | checkbox | on/off (B toggle button) | off | Renders the label in bold. |
| [Tab] Text — Italic | checkbox | on/off (I toggle button) | off | Renders the label in italics. |
| [Tab] Text — Word Wrap | checkbox | on/off | off | Wraps long label text onto multiple lines instead of one long line. |
| [Tab] Text — Text alignment (vertical) | select | Top | Middle | Bottom | Top | Vertical placement of the label relative to the drawing. |
| [Tab] Text — Text alignment (horizontal) | select | Left | Center | Right | Center | Horizontal placement of the label relative to the drawing. |
| [Tab] Coordinates | number + datetime | one row per anchor point: price (number, step 0.05) and local date/time | the drawing’s current anchor values | Edits anchor geometry numerically — changing a point’s price or time moves the drawing live on the chart. |
| [Tab] Visibility | checkbox + number range | interval buckets: Ticks; Seconds 1–59; Minutes 1–59; Hours 1–24; Days 1–366; Weeks 1–52; Months 1–12; Ranges (each bucket has an on/off checkbox, most also a from–to range) | visible on all intervals | Per-timeframe visibility rules — untick a bucket to hide the drawing on those chart resolutions, or narrow the from–to range within a bucket. |
Editing & managing
- Move / adjust: drag the drawing or any anchor handle; magnet mode snaps points to OHLC values.
- Clone / lock / hide / delete from the floating toolbar or right-click menu.
- Templates: save the current style from the settings dialog and reapply it to new drawings.
- Every action is undoable (⌘Z / Ctrl+Z).
Watch out for
- A three-wave move can be the start of something larger (a triangle or double combo) rather than a finished correction — an ABC label is provisional until price confirms.