Some traders have set percentages that they look for with certain waves, such as watching for a 60% correction on the second wave. Their experience with many trades and trends over many years will lead them to use these numbers consistently. However, corrections may be larger or smaller than average on any given trade, and it's best to study many different charts on your own before forming such a rigid rule for wave sizes.
These three Elliott wave concepts may improve trader's analysis skills or improve their trade timing, but it is not without its own issues. The theory can be complex to apply, as it isn't always easy isolating the five-wave and three-wave patterns.
In theory, Elliott wave patterns are fractal and should apply to any time frame. Therefore, the \"best\" time frame to use is the one you're most comfortable trading. If you're a day trader, you may use one-minute, five-minute, or one-hour candles. If you're a swing trader, you may use four-hour, daily, or weekly candles. If you don't know what your strength is, then try multiple time frames in a demo account to see which one works best for you.