easy · Elliott Wave Theory fibonacci
A Wave 4 correction terminates at a Fibonacci confluence of the 38.2% retracement of Wave 3 and the 1.618 extension of Wave 1 from the Wave 2 low. This zone is also near the 'prior fourth wave of one lesser degree.'
How does this affect conviction?
- Conviction is significantly increased.
- The count is likely wrong because extensions are only for Wave 3.
- Conviction is lowered due to conflicting indicators.
- Conviction remains neutral as rules override guidelines.
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