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Since all waves, both impulsive and corrective, develop in sets of 3-waves Elliott's guidelines on the retracement to the span of Wave (b) becomes a more significant feature. The following are observations I have made in this respect in the impulsive wave structure.

Wave (ii) can retrace below the Wave (b) of Wave (i) and may, or may not, provoke a reaction in the Wave (b) span

The extreme of Wave (b) of Wave (iii) is never touched in the Wave (iv) pullback even, in a deep Wave (b) and the penetration of the end of Wave (a) of Wave (iii) tends to be shallow if seen at all

Wave (b) of Wave (v) becomes a natural initial target after the completion of Wave (v)

  The example above shows the typical reactions at each Wave (b).
  • Wave (ii) is not restricted by Wave (b) of Wave (i) and may stall above the Wave (b) or below.
  • Wave (iv) will never penetrate the extreme of Wave (b) of Wave (iii) and normally stalls slightly below the Wave (a) of Wave (iii).
  • The first reversal move after Wave (v) will normally target the area just above the Wave (b) of Wave (v) (in a prior rally) or just below the Wave (b) of Wave (v) in a decline.
  • Even on the eventual follow-through (in this case in Wave -iii- lower the Wave (b) of Wave (iii) will not normally trigger any reaction.

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