medium · Elliott Wave Theory fibonacci
A currency pair completes Wave 3 at $1.2500 and then corrects. The analyst calculates the 38.2% retracement of Wave 3 at $1.2150. They also find a 1.618 Fibonacci extension of Wave 2 at $1.2180. Finally, they note the prior sub-wave iv ended at $1.2140.
What have they constructed?
- A Square Root Fibonacci Relationship
- A Leading Diagonal
- A Fibonacci Confluence Zone
- An Acceleration Channel
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