medium · Elliott Wave Theory motive

Consider an impulse where wave 3 is the extended wave. The 'rule of equality' (a guideline) and the extension principle together suggest which expectation for the two non-extended actionary waves (1 and 5)?

1. Waves 1 and 5 tend toward equality with each other in length or time, often relating by a Fibonacci ratio, while wave 3 stands apart as the extended (longest) wave.
2. Waves 1 and 5 must be exactly equal in length and duration, since the rule of equality becomes an inviolable rule the moment wave 3 extends beyond the others.
3. Waves 1 and 5 should each equal wave 3 in length, because the two non-extended actionary waves are expected to mirror the extended wave itself under the equality principle.
4. Wave 5 should equal 1.618 times the length of wave 3, because the extended wave fixes the Fibonacci projection target used for measuring the final actionary wave in the sequence.

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