Fibonnaci Extension miscalculation on my part?

[MR]

The first wave in an Elliott sequence is Wave 1. Later on when we want to calculate a Fibonacci Extension calculation, remember, this is the area at which we will start our calculation. We start our Fib Exe at the beginning of a new Elliott Wave sequence.

[MR]

Wave 2 is always related to Wave 1....

[MR]

The most common retracements we look for in a typical Wave 2 pullback are either a 50% or 62% retracement of Wave 1....

[MR]

While we are on the subject of Wave 2's, here are a some statistical information behind Wave 2's.

We typically expect only 12% of Wave 2's to hold 38% retracements of Wave 1....

[MR]

We anticipate 73% of Wave 2 retracements between 50% to 60%....

[MR]

We anticipate 15% of Wave 2's to retrace below the 62%....

[MR]

Once we have seen evidence of Wave 2 holding, we can use the Fibonacci Extension to calculate some Wave 3 targets.

Wave 3 is related to Wave 1. Typically we monitor for the following Fibonacci relationships:

Wave 3 =
either 1.62 x length of Wave 1
or 2.62 x the length of Wave 1
or 4.25 x the length of Wave 1

[MR]

The most common multiples of Wave 1 to Wave 3 are the 1.62 and 2.62 numbers. (If Wave 3 is extending, we typically monitor for 4.25 or higher ratios.)

Fibonacci Extension calculation-- Click on the 'Fib Ext' icon. Start a Wave 3 extension calculation by clicking the mouse at the beginning of the sequence, or in this case the bottom of Wave 1. Click the mouse a second time on the end of Wave 1. Then click a 3rd time at the end of Wave 2. (Wave 3 projections or targets should show up on the chart after the second click, and will be locked into place with the final 3rd click of the mouse.)

[MR]

If you wish to toggle 'ON' or 'OFF' a Fibonacci Extension (Fib Ext) number, highlight the either the Fib Ext icon and right click, or highlight a Fib number already drawn and right click. Turn 'off' or 'on' what you want to see displayed.

(MORE TO COME LATER TODAY>>>>>>>>>>>>>>

[Harndog]

Printing Fib extensions thread

Marcus:
Can you put your ideas into a pdf because I cannot print out the right side of this thread. I have email ideas@esignal about this annoying bug but until it is resolve can you put your "teaching" ideas into a pdf.
Thank you,
Harndog

[Philby]

Re: Printing Fib extensions thread

Marcus

I would also like to see some of these comments in a concise PDF so that the graphs are more easily printed.

Originally posted by Harndog
Marcus:
Can you put your ideas into a pdf because I cannot print out the right side of this thread. I have email ideas@esignal about this annoying bug but until it is resolve can you put your "teaching" ideas into a pdf.
Thank you,
Harndog

[MR]

When this Fib work is completed later today, I promise to put it into a PDF file, post it at Advanced GET User Group File Share site.

- - - - - - - - - - - - -

It is possible if you try the Print selection at the bottom of this thread page you might be able to print better than the other standard print function. I found out if you use the print selection at the bottom of a thread, it often times prints out better this way. The only difference is only images linked with a URL show up, attached imaged don't print out. This is one reason why I am starting to post first images to File Share , then link the URL to a post.

[Harndog]

Thank you, Marcus

Marcus:
-I appreciate all you do for this forum and your professionalism.
-You have nothing to defend. By your past actions and written intentions, we all get your commitment.
--As I wrote to [email protected] I think the thread print functionality can be be improved.
Harndog

[MR]

to continue from where I left of yesterday....

For those unfamilar with the software, if you wish to toggle 'ON' or 'OFF' a Fibonacci Extension (Fib Ext) number, highlight the either the Fib Ext icon and right click, or highlight a Fib number already drawn and right click. Turn 'off' or 'on' what you want to see displayed.

[MR]

Before we go to Wave 4 pullbacks, I think it might help our understanding of Wave 3's if we delved into-- at least in a very general sense-- some Fibonacci statistics behind a typical Wave 3. I usually never ever quote statistics because I personally believe statistics are deceptive, as trading (and life in general) can be extremely complex. Simple statistics don't do justice for all the variables that interplay in pattern matching behavior. So I relunctantly offer these numbers only as a general guideline for anticipating Wave 3 behaviors. For those of you newer to Elliott Wave it might help you a little bit as you see Wave 3 counts evolve over time and are trying to anticipate Wave 3 completions.