There are three predominant types of flat corrective waves. These include:
Expanded flat: This is arguably the most common flat wave formation and occurs in the second and fourth wave of an impulse wave. What connects the expanded wave to the initial impulse wave is a or other types of triple or double connection. In a market, the price of the underlying asset moves against the trend to form a 3-wave shape. In an expanded flat wave, wave B also appears in a 3-wave structure and goes beyond the start of wave A, while wave C extends beyond the end of wave A. The expanded wave is also known as an irregular flat although this term can be misleading as the expanded wave appears more often than other types of waves.
Regular flat: In a regular , wave B ends slightly at the start of the wave A while wave C ends just beyond the end of wave A.
Running flat: A running flat wave is a 3-3-5 wave. Here, wave B terminates past the start of A wave and C stops almost close to the end of wave A. The formation of a running flat is quite rare. The difference between the expanded flat and the running flat is the point at which wave C stops. In an expanded flat, Wave C ends beyond the end of wave A.
All in all, each type of corrective flat is essentially an wave with a 3-3-5 sub-waves or configuration. It is also important to note that these types of corrective flats go against the trend of the impulse wave, one degree higher.
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