Elliott Wave basic 1. impulse wave (5 sub waves or leading diagonal) 2. corrective wave (corrective patterns) 3. impulse wave (5 sub waves or extended 5 sub waves) 4. corrective wave (corrective patterns) 5. impulse wave (5 sub waves, extended waves, ending diagonal or failure)
Elliott wave rules 1. wave 2 does not fall below the starting price wave 1 (point 0) 2. wave 3 is not the shortest wave by price movement 3. wave 4 does not overlap the range of wave 1.
Fibonacci Retracement 0.00 - point 1 (the starting price of wave 1) 38.20 - turning point 50.00 - turning point 61.80 - turning point 100.00 - point 2 (the ending price of wave 1) (break out confirms dow theory) 127.20 - short term target 161.80 - common target 261.80 - extended target 361.80~423.60 - long term targets
Fibonacci extension point 1 - the starting price of wave 1 point 2 - the ending price of wave 1 point 3 - wave 2 (0.00)