hard · Elliott Wave Theory
A five-wave impulse in an equity index is suspected of ending with a truncated fifth wave. Wave 3 peaked at 3200. Wave 4 corrected to 2800. Wave 5 consists of five sub-waves but ends at 3150.
To measure the 38.2% retracement target for the ensuing correction, from which price level must the calculation begin?
- 3150
- 2800
- The midpoint of 3150 and 3200
- 3200
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