Answer:

Under orthodox Elliott Wave, there are two patterns that contain five segments - Impulsions and Triangles. Elliott Wave breaks impulsive patterns into three categories (where either the 1st, 3rd or 5th leg of the pattern is much longer than the other two), but only breaks Triangles into two categories (contractions [where the 1st segment, wave-a, is the longest] and expansions [where the 5th segment, wave-e, is the longest]). It was logical to assume Elliott`s Triangle categories had a "missing link."

In the mid 1990`s, I started seeing five-legged corrections where the middle leg [wave-c] was the longest, thereby filling in the "missing link" in the Triangle category. Lacking a specific name for this category, I decided "Neutral" was the best compromise between expansion and contraction.

Just as Contracting Triangles are similar to Impulsive patterns with a 1st wave extension and Expanding Triangles are similar to 5th wave extensions, a Neutral Triangle is similar to a 3rd wave extension. Therefore, a Neutral Triangle is a five-legged formation in which the middle leg (wave-c) is the longest and waves-a & e tend toward equality. The channeling of a NEoWave Neutral Triangle is similar to a 3rd wave extension; you usually employ parallel trend lines drawn across the end of waves-b & d and another line drawn parallel to the b-d line starting at the top of wave-a.

Behavior following a NEoWave Neutral Triangle is not as violent as that seen after a Contracting Triangle, but is more "trendy" than what occurs after an Expanding Triangle.