Looking at timing for now and yes, I admit my plot for the 4th wave down is off, I’m pushing it out to a little further so long as the rules hold.
For reference: according to the Elliott wave theory, the fourth wave is a corrective wave that moves against the main trend of the first three waves. The fourth wave usually retraces a portion of the third wave, but it should not overlap with the price territory of the first wave. This means that in a downtrend, the fourth wave should not go above the end of the first wave, and in an uptrend, the fourth wave should not go below the start of the first wave. This is one of the main rules of the Elliott wave theory that helps to validate the wave count and avoid false signals.
One of the sources that explains this rule is Elliott Wave Theory Principle: The Definitive Guide (2021) - The5%ers, which states:
Rule 4: Wave 4 should not retrace more than 100% of the end of wave 1 Wave 4 should not go into the territory of wave 1. As such, in a downtrend, wave 4 should end below wave 1’s end. Again, in an uptrend, wave 4 should end above the high of wave 1.
For reference: according to the Elliott wave theory, the fourth wave is a corrective wave that moves against the main trend of the first three waves. The fourth wave usually retraces a portion of the third wave, but it should not overlap with the price territory of the first wave. This means that in a downtrend, the fourth wave should not go above the end of the first wave, and in an uptrend, the fourth wave should not go below the start of the first wave. This is one of the main rules of the Elliott wave theory that helps to validate the wave count and avoid false signals.
One of the sources that explains this rule is Elliott Wave Theory Principle: The Definitive Guide (2021) - The5%ers, which states:
Rule 4: Wave 4 should not retrace more than 100% of the end of wave 1 Wave 4 should not go into the territory of wave 1. As such, in a downtrend, wave 4 should end below wave 1’s end. Again, in an uptrend, wave 4 should end above the high of wave 1.