medium · Elliott Wave Theory motive
An analyst is looking at a potential truncation. Wave 3 ended at 450. Wave 4 ended at 410. Wave 5 has completed three small sub-waves and is currently at 440.
What must happen for this to be a valid truncated fifth wave?
- The RSI must immediately drop into oversold territory.
- It must immediately reverse from 440 to avoid breaking the Wave 3 high.
- It must complete two more sub-waves (iv and v) and end below 450.
- It must retrace to 410 before finishing the move.
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