medium · Elliott Wave Theory fibonacci
In a commodity bull market, Wave 3 is a standard move, but Wave 5 extends parabolicly. Wave 1 = 15 pts, Wave 3 = 35 pts, and Wave 5 = 65 pts.
Following the completion of Wave 5 at 110, where is the most likely initial target for the ensuing correction?
- 100, matching the peak of Wave 3 as a likely support level.
- 54.38, based on the 61.8% retracement of the entire 5-wave advance.
- 83.37, representing only a 38.2% retracement of the final Wave 5 leg alone.
- 45, targeting the origin of the parabolic Wave 5 extension precisely and directly.
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