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