THE ELLIOTT WAVE PRINCIPLE
Extensions
"Extensions may appear in any one of the 3 impulse waves wave 1, 3, or 5 but
never in more than one". Figures 2-4 and 2-5 show extension for up trends and
downtrends, respectively.
Figure 2-4 (a) First wave extension in uptrend; (b) third wave extension in
uptrend; (c) fifth wave extension in uptrend.
Figure 2-5 (a) First wave
extension in downtrend; (b) third wave extension in downtrend; (c) fifth wave
extension in downtrend.
"It will be noted that in each instance there are a total of 9 waves, counting
the extended wave as 5 instead of 1. On rare occasions an extended movement will
be composed of 9 waves, all of equal size" For example, Figure 2-6 shows an
uptrend and downtrend, each consisting of nine waves.
According to
Elliott, extensions have the following characteristics:
• They occur only in new territory of the current cycle; they do not occur in
corrections.
Forex Art Of Fibonacci (Forex 101)
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Forex Art Of Fibonacci (Forex 102)
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