Parallel Channel and Elliott Wave Counting
Base channel.
The base channel contains the origin of wave one, the end of wave two, and the extreme of wave one.
The base channel is most important, because it defines the trend.
Acceleration channel.
The acceleration channel encompasses wave three.
Once prices break through the lower boundary line of the acceleration channel, we have confirmation that wave three is over and that wave four is unfolding.
Deceleration Channel
The deceleration channel contains wave four.
To draw the deceleration channel, simply connect the extremes of wave three and wave (B) with a trend line.
Take a parallel of this line, and place it on the extreme of wave (A).
The base channel contains the origin of wave one, the end of wave two, and the extreme of wave one.
The base channel is most important, because it defines the trend.
Acceleration channel.
The acceleration channel encompasses wave three.
Once prices break through the lower boundary line of the acceleration channel, we have confirmation that wave three is over and that wave four is unfolding.
Deceleration Channel
The deceleration channel contains wave four.
To draw the deceleration channel, simply connect the extremes of wave three and wave (B) with a trend line.
Take a parallel of this line, and place it on the extreme of wave (A).
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Example
