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《Elliott Wave Principle Lesson 21-34》.doc

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《Elliott Wave Principle Lesson 21-34》.doc

Lesson 21: Motive and Corrective Wave Multiples WAVE MULTIPLES Motive Wave Multiples Lesson 12 mentioned that when wave 3 is extended, waves 1 and 5 tend towards equality or a .618 relationship, as illustrated in Figure 4-3. Actually, all three motive waves tend to be related by Fibonacci mathematics, whether by equality, 1.618 or 2.618 (whose inverses are .618 and .382). These impulse wave relationships usually occur in percentage terms. For instance, wave I from 1932 to 1937 gained 371.6%, while wave III from 1942 to 1966 gained 971.7%, or 2.618 times as much. Semilog scale is required to reveal these relationships. Of course, at small degrees, arithmetic and percentage scales produce essentially the same result, so that the number of points in each impulse wave reveals the same multiples. Figure 4-3 Figure 4-4 Figure 4-5 Another typical development is that wave 5s length is sometimes related by the Fibonacci ratio to the length of wave 1 through wave 3, as illustrated in Figure 4-4, which illustrates the point with an extended fifth wave. .382 and .618 relationships occur when wave five is not extended. In those rare cases when wave 1 is extended, it is wave 2, quite reasonably, that often subdivides the entire impulse wave into the Golden Section, as shown in Figure 4-5. As a generalization that subsumes some of the observations we have already made, unless wave 1 is extended, wave 4 often divides the price range of an impulse wave into the Golden Section. In such cases, the latter portion is .382 of the total distance when wave 5 is not extended, as shown in Figure 4-6, and .618 when it is, as shown in Figure 4-7. This guideline is somewhat loose in that the exact point within wave 4 that effects the subdivision varies. It can be its start, end or extreme counter-trend point. Thus, it provides, depending on the circumstances, two or three closely-clustered targets for the end of wave 5. This !-- Generation of PM publication page 125 -- guideline explains

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