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CMT Association Certification
CMT-Level-I Exam
CMTAssociation.CMT-Level-I.v2026-02-07.q111 Dumps

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Question 76

All of the following are true of flag and pennant patterns EXCEPT:

A.They are short term patterns completed in one to two weeks
B.They are preceded by sharp and nearly straight line moves
C.They are characterized by a decrease of volume during the formation of the pattern
D.They are reversal patterns

Correct Answer: D

Detailed Explanation:
Flags and pennants are some of the most reliable continuation patterns, not reversal patterns. They represent brief pauses in dynamic trends. Therefore, statement D is the false ("EXCEPT") one.

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Question 77

Wave 4 can enter the top of wave 1 if:2425

A.A motive wave is being formed26
B.A diagonal is being formed27
C.A vicious bear market is taking place
D.A sharper, complex correction is taking place

Correct Answer: B

Detailed Explanation:
One of the cardinal rules of Elliott Wave Theory is that Wave 4 cannot overlap with the territory of Wave 1.
However, the only exception to this rule applies when the pattern is a Diagonal (Leading or Ending Diagonal), where overlaps are characteristic.

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Question 78

Which of the following is NOT true about volume?

A.A rally that develops on declining volume is suspect
B.A rally that occurs on rising volume points to a probable trend reversal
C.Both price and volume can fall off sharply after a buying climax
D.A downside break of a moving average or trendline should occur on heavy volume to qualify as a bearish signal

Correct Answer: B

Detailed Explanation:
Volume confirms the trend. A rally on rising volume usually confirms the existing trend or a breakout, rather than a reversal of a major trend (unless it's a climax). However, statement B suggests a rally on rising volume points to a reversal. In the context of a downtrend, a high-volume rally could be a reversal, but generally, rising volume validates the move.
Correction based on source key: The source key marks B as the answer ("Not true"). The logic is likely that a rally on rising volume is normal bullish behavior, not necessarily a "reversal" signal (unless coming off a bottom). A rally on declining volume is the reversal warning.

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Question 79

A complete Elliott wave cycle is made up of _______ waves.

A.Three
B.Five
C.Eight
D.Thirteen

Correct Answer: C

Detailed Explanation:
A complete Elliott Wave cycle consists of a Motive phase (5 waves: 1, 2, 3, 4, 5) and a Corrective phase (3 waves: A, B, C). Total waves = $5 + 3 = \textbf{8}$.

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Question 80

A Channel breakout system works extremely well in:69

A.Trending markets70
B.Non-trend71ing markets
C.Daily and weekly charts and monthly charts
D.A and C

Correct Answer: D

Detailed Explanation:
Channel breakout systems (like Donchian Channels) are trend-following strategies. They work best when the market is trending (Option A). They can be applied to any timeframe, including daily, weekly, and monthly (Option C). They fail in non-trending (sideways) markets.

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