Channeling With Elliott Waves
Target for wave 3 (Figure 1): As soon as wave 2 completes and reverses, draw a trend line from the origin of wave 1 through the end of wave 2, as shown in Figure 1. Then construct a parallel from wave 1, which will be the boundary for completion of wave 3
Target for wave 4 (Figure 2): When wave 3 completes and reverses, draw a trend line connecting waves 1 and 3. Then construct a parallel from wave 2. This will be the minimum target for wave 4. If this wave ends appreciably short of the boundary line, examine the developing pattern carefully. Is it possible that this is really W2 of W5 of W3? This is the kind of analysis that is required as patterns develop.
Target for wave 5 (see Figure 3): When wave 4 completes and reverses, draw a trend line connecting waves 2 and 4. Then construct a parallel from wave 3. This will be the boundary for wave 5. If it ends appreciably short, it may be a truncated fifth.
Target for wave 4 (Figure 2): When wave 3 completes and reverses, draw a trend line connecting waves 1 and 3. Then construct a parallel from wave 2. This will be the minimum target for wave 4. If this wave ends appreciably short of the boundary line, examine the developing pattern carefully. Is it possible that this is really W2 of W5 of W3? This is the kind of analysis that is required as patterns develop.
Target for wave 5 (see Figure 3): When wave 4 completes and reverses, draw a trend line connecting waves 2 and 4. Then construct a parallel from wave 3. This will be the boundary for wave 5. If it ends appreciably short, it may be a truncated fifth.
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