This screen finds a complete Elliott Wave cycle in a downtrend: five downward impulse waves followed by three correction waves. Elliott Wave theory, developed by Ralph Nelson Elliott, holds that trends move in five impulse waves in the direction of the trend, followed by three corrective waves, labeled A, B and C. Here the waves are taken from ZigZag swings, which filter out minor price moves. A finished A-B-C correction after a five-wave decline can mark the point where the next downward cycle begins.
