Typically, when wave 2 is a deep correction (50% or more), wave 4 tends to be shallow.
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When a fifth wave is extended, we should be on the alert for a sharp correction once that wave completes its run.
FORBES: Elliott Waves Show Wipeout Dead Ahead For British Pound
Sometimes, the B wave trades above the top of wave A as an irregular correction.
If wave A is made up of three waves, we should expect wave B to trade back to the top of Wave A as a flat correction.
Elliott Wave analysis suggests that not only will the correction be sharp, but it will go deep and can potentially reach the minor wave ii within the fifth wave.
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Once again, the Wave Principle tells us that a correction can never be made up of five waves.
This correction is the fourth wave.
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The daily relative performance broke its downtrend, line h, at the start of November just before the final wave of selling took XLI to its correction low.
According to Elliott Wave Theory, when a five wave sequence ends, we should anticipate a correction.
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It will be of interest to readers that Wave C was exactly equal to Wave A. Once again, this fits in with the Elliott Wave theory that says alternate waves in a correction tend to be related by a Fibonacci ratio, and 100% is a key number.
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Once a five-wave sequence is completed, we should look for a correction.
Elliott Wave theory says that when a five wave movement is completed, we should look out for a correction.
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Elliott Wave Theory says that when a five wave movement in a trend is completed, we should look for a correction.
Without invoking the esoterica of Elliott Wave analysis, the rally from March 2009 to April 2010 was followed by a correction to June.
My current paradigm is that a five-wave pattern has just been completed, and so there is a chance for a correction of this latest move.
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Our next step will be to figure out these minor waves, and once we are comfortable that the fifth minor wave is underway, we should exit most long positions and prepare for the inevitable sharp correction.
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