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Elliot Waves and Fibonacci

Wave	Fibonacci Relationship
1	Usually no Fib reference; sometimes 38.2–61.8% of prior correction
2	Retraces 50–61.8% of Wave 1
3	Extends 1.618× Wave 1 (can reach 2.618× or 4.236×)
4	Retraces 23.6–38.2% of Wave 3
5	Often = Wave 1, or 0.618× or 1.618× Wave 1

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