Tried to interpret Elliot wave theory on Fibonacci by using impulse wave and motives over cycle and super cycle .
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 • Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 • Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50% • There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3
Note : 1.Generally 3 wave used to be extensive rally in equity market but some times wave 5 which is commonly extensive rally in commodities is also get extended in equity to. So one place we have seen 3rd wave was extended and another place 5th wave.
2.The corrective wave pattern I had used Zigzag but it can be conformed only when when is page of correction is over. 3. From few patterns of Elliot wave shows 15425 is 5th wave but ration of wave 3 and wave 5 does not giving comfort for that hence I chose another cycle of wave which is going to end on 15988.
Nice Attempt. But Wave 3 can never be shorter than 1, that basic rule was ignored in this chart.
shashankpt
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@gangadhar96, Wave 1 is starting wave and it was formed after deep correction or its V recovery . So wave 1 will be larger than 3 because in this recovery there is no consolidation or W shape recovery.
I agree with with you theoretically wave 3 is always longer because its wave came after consolidation but this time its V shape recovery.