medium · Elliott Wave Theory alternation
An impulse wave has an origin at 200. Wave 1 ends at 250. Wave 2 is a sharp zigzag to 220. Wave 3 extends to 500.
If Wave 4 is to adhere to the Fourth-Wave Target Zone guideline, in what price range should it ideally terminate?
- Exactly at the 61.8% Fibonacci retracement level of the entire Wave 3 advance
- The price range of the prior fourth wave of one lesser degree within Wave 3.
- Back down into the 200 to 220 zone, effectively retesting the origin of the whole impulse
- Within the 220 to 250 zone, since this is the price range spanned by Wave 2
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