Educational five wave with a 2.618 extension of wave 3
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This five wave up has more than the first spot is visible. First of all, we look at the wave itself.
All ingredients of the Elliott wave are present here.
- Wave two falls within the boundaries of a retracement of 50% - 85.4% of wave one.
- Wave three may not be the shortest wave (check). Looking back to wave one, it is clear at that moment that it is actually wave three.
* The extended wave three itself is a five wave as well.
* An additional point that is clearly visible here is that the extension of this wave is the fibonacci ratio 2.618 of wave 1.
- Wave four falls within the boundaries of a retracement of 23,6% - 50% of wave three.
- Wave five is 61.8% of wave one till three.
* The other rules for wave five that I stick to are: wave 5 is an inverse 123.6 - 161.8% retracement or wave four or wave five has approximately the same length as wave one.
What makes this total wave special is the point where it ends. The connection with a higher timeframe that has arise here is beautifully displayed beneath here. This is the reason why I post the analysis here.
- On the daily timeframe i have drawn the fibonacci ratio 0.382 from a strong move up, happend between December 2016 and February 2018. The five wave up from above ended at the bottom of the 0.382 retracement (resistance).
This analysis i made is to give insight into what can happen, to look back when I discover a similar case. I do not give advice on what someone should do or should imply from this analysis. It is an important reminder for myself on what happened.
All ingredients of the Elliott wave are present here.
- Wave two falls within the boundaries of a retracement of 50% - 85.4% of wave one.
- Wave three may not be the shortest wave (check). Looking back to wave one, it is clear at that moment that it is actually wave three.
* The extended wave three itself is a five wave as well.
* An additional point that is clearly visible here is that the extension of this wave is the fibonacci ratio 2.618 of wave 1.
- Wave four falls within the boundaries of a retracement of 23,6% - 50% of wave three.
- Wave five is 61.8% of wave one till three.
* The other rules for wave five that I stick to are: wave 5 is an inverse 123.6 - 161.8% retracement or wave four or wave five has approximately the same length as wave one.
What makes this total wave special is the point where it ends. The connection with a higher timeframe that has arise here is beautifully displayed beneath here. This is the reason why I post the analysis here.
- On the daily timeframe i have drawn the fibonacci ratio 0.382 from a strong move up, happend between December 2016 and February 2018. The five wave up from above ended at the bottom of the 0.382 retracement (resistance).
This analysis i made is to give insight into what can happen, to look back when I discover a similar case. I do not give advice on what someone should do or should imply from this analysis. It is an important reminder for myself on what happened.
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