medium · Elliott Wave Theory
A commodity market produces a sharp rally (1), a deep zigzag correction (2), and a relentless third wave (3) that is 2.618 times the length of Wave 1.
What is the most likely target for the subsequent Wave 4?
- Exactly 1.618 times the amplitude of Wave 2's decline.
- The price range of the fourth sub-wave of the preceding Wave 3.
- A full retest of the exact origin point of the first motive wave.
- A price level retracing 61.8% of the entire Wave 3 advance thus far.
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