medium · Elliott Wave Theory alternation
An index has a Wave 1 high of 4,250 and a Wave 2 low of 4,050. Wave 3 reaches 4,750.
According to the guideline of 'fourth-wave target zones', what is the most likely support area for the subsequent Wave 4 correction?
- The 50% retracement level of the entire move measured from 4,050 up to 4,750
- The 4,250 level, so price can perfectly retest the old Wave 1 peak as new support
- A deep 61.8% retracement that approaches and nearly reaches the low of Wave 2
- The range of the previous fourth wave of one lesser degree within Wave 3.
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