Structure
3-3-5 internal structure
Alternation also is common in the 3 waves of Waves A and B in the flat. WA and WB alternate between a Zigzag and Flat.
The most common structure is that WA and WC demonstrate equality.
Regular Flats -- The typical structure of a regular flat is that Waves A, B, and C are close to equal lengths. Wave C is 5 waves and normally will be steeper than wave A.
Expanded Flats -- Wave B will result in a new price extreme beyond the origin of WA. However, just because the structure is tight with previous W5 high do assume that the following W5 will be shallow.
Running Flats -- Wave C does not travel the full expected extent, but stops short and reverses strongly.
In a Flat, WA is expected to be steeper than WC.
Retracement
Regular Flat - Wave B will retrace 90% to 105% of WA. If greater than 100, it is an Expanded Flat. Wave C will travel about the same distance as WA. If you see 5 waves and a reversal before 90% don't try to force the Flat interpretation, it is likely wrong. Wave C can be an Ending Diagonal.
Expanded Flat - Wave B will retrace up to 1.382 of WA. It can be shorter or longer, but beyond 1.5 favors a different wave interpretation. Wave C of an explanded flat typically extends to 1.382 of WA.
Running Flat - Wave C, while still consisting of 5 waves is cut short (think truncation) and reverses direction causing a very strong move in the opposite direction.
Prediction
Flats generally show that the market continues to maintain a bullish or bearish attitude to the point that they are not interested in strongly correcting the trend. After the correction you can expect a decent move.
Note that when W2 is an expanded flat, you can pretty well count on W3 to achieve a 2.618 multiple of W1. Expect bigger moves after flats.
CONTENT OF ELLIOTT WAVE CHEAT SHEETS
1 Home Rules and Guidelines Applicable to All Motive and Corrective Waves
2 Wave 1 Characteristics and Structure
3 Wave 2 Characteristics and Structure
4 Wave 3 Characteristics and Structure
5 Wave 4 Characteristics and Structure
6 Wave 5 Characteristics and Structure
7 Wave A Characteristics and Structure
8 Wave B Characteristics and Structure
9 Wave C Characteristics and Structure
10 Extensions Structure and Trading
11 Fibonacci Targets Price Targets for Retracement and Extension
12 1-2/1-2 Structures Wave 1-2 /1-2 Characteristics
13 Zigzags Structure and characteristics
14 Flats This is All FLAT Rules
15 Triangles Triangles (3-3-3-3-3) Description and samples
16 Complex Corrections Characteristics of Complex Corrections (Combinations)
17 Declaring X Waves When to declare an X wave and a complex correction
18 Ending Diagonals Description and samples.
19 Leading Diagonals Description and samples. This is quite rare.
21 Channeling How to Use Channels to Identify Waves
22 Correction Times Use the appropriate time frame to analyze the correction.