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Alternation is one of Elliott's guidelines. That is, he found it a strong tendency but is not an absolute rule. However, Elliott's finding related to Wave 2 and Wave 4 only. That is, if Wave 2 was shallow and brief then Wave 4 was more likely to be longer and more complex - and of course vice-versa.

With the inclusion of a Wave (b) in Wave (iii) the situation tends to become more complex. My observations have led me to consider alternation as not only between Wave (i) and Wave (iv) but also of Wave (b).

Thus, if Wave (ii) is less than around 50% Wave (iv) also tends to end closer to the 50% retacement of Wave (iii). If Wave (ii) is significantly less than 50% then Wave (iv) can retrace as much as 58.6% and in some case I have noticed up to 66.7%. However, if Wave (b) of Wave (iii) retraces 66.7% then Wave (iv) may also be quite shallow.

The only rule I have noted in deep Wave (iv) is that it will never reach the extreme of Wave (b) of Wave (iii).

I have also noticed instances where Wave (ii) is brief, Wave (b) is around 50% and Wave (iv) is also brief. In these cases it is more likely that the Wave (b) of Wave (v) will be deep, 66.7% or as much as 76.4%.

If Wave (ii) is very deep and Wave (b) of Wave (iii) a standard retracement around 41.4%-50% then Wave (iv) is very shallow indeed.

I have also noted that it is not uncommon for the sum of the percentage retracement in both Wave (ii) and Wave (iv) can roughly come to around 100% of Wave (iii).

  (A) Standard retracements in Wave i, Wave b of iii and Wave iv
(B) Shallow Wave ii and deep Wave iv
(C) Shallow Wave ii, deep Wave b of iii and shallow Wave iv
(D) Deep Wave ii, standard Wave b of iii and shallow Wave iv
(E) Standard Wave ii, shallow Wave b of Wave iii, shallow Wave iv and deep Wave b of Wave v

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