What is Wave 1 in Elliott Wave?
Wave 1 is the first wave in a 5-wave Elliott impulse. It moves in the direction of the larger trend and is typically the second-shortest impulse wave. Wave 1 often forms hesitantly as institutional positioning is still building.
Full Explanation
Wave 1 marks the beginning of a new impulsive move in the direction of the larger trend. In an uptrend it's an upward move; in a downtrend it's a downward move. Wave 1 is typically the shortest or second-shortest of the three impulse waves (1, 3, 5) — it can be the longest only when Wave 5 is also short, never longer than Wave 3 alone. Because Wave 1 forms at the end of a prior correction, sentiment is usually still negative when it begins, which is why the move often feels tentative and is frequently dismissed as a counter-trend bounce. Wave 1's sub-structure is itself a 5-wave impulse on a lower degree. Identifying Wave 1 correctly is the foundation of every count — get this wrong and every subsequent label cascades incorrectly.
- → Elliott Wave Theory Guide — the 5-3 pattern, rules, Fibonacci, wave degrees
- → How to Count Elliott Waves — 6-step process used on 108 instruments
- → Elliott Wave Fibonacci Guide — the 7 core ratios and how they're applied
- → Rules and Guidelines — the 3 absolute rules + 7 guidelines
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