After all guideline about Elliott Waves, there are Three HARD rules that you must take into account and never break them
These are unbreakable. Guidelines are bendable and subject to interpretation. These rules only apply to a 5-wave impulse sequence. Correction, which are much more complicated, are given more leeway when it comes to interpretation.
Rule 1: Wave 2 cannot retrace more than 100% of Wave 1.
Rule 2: Wave 3 can never be the shortest impulse waves.
Rule 3: Wave 4 can never cross in the same price area as Wave 1.
In contrast to rules, guidelines should hold true most of the time, not necessarily all of the time and can be broken.
Guideline 1: When Wave 3 is the longest impulse wave, Wave 5 will approximately equal Wave 1.
Guideline 2: The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, Wave 4 will be a flat correction. If Wave 2 is flat, Wave 4 will be sharp.
Guideline 4: Wave 3 tends to be very long, sharp, and extended.
Guideline 5: Sometimes Wave 5 does not move beyond the end of wave 3.