medium · Elliott Wave Theory alternation
If an analyst is looking for a confluence zone for Wave 4, how does the Base Channel contribute?
- The channel's width is multiplied by 1.618 to locate the Wave 4 low
- The 0-2 baseline pinpoints the exact 38.2% retracement level
- The upper parallel projection is treated as the sole valid target for Wave 4
- The lower baseline (0-2) serves as one of the potential price support levels
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