As of 09/06/2024
Indus: 40,345 -410.34 -1.0%
Trans: 15,427 -190.44 -1.2%
Utils: 1,029 -7.87 -0.8%
Nasdaq: 16,691 -436.83 -2.6%
S&P 500: 5,408 -94.99 -1.7%
|
YTD
+7.0%
-3.0%
+16.7%
+11.2%
+13.4%
|
42,000 or 39,500 by 09/15/2024
16,200 or 15,300 by 09/15/2024
1,100 or 1,000 by 09/15/2024
18,400 or 16,650 by 09/15/2024
5,750 or 5,375 by 09/15/2024
|
As of 09/06/2024
Indus: 40,345 -410.34 -1.0%
Trans: 15,427 -190.44 -1.2%
Utils: 1,029 -7.87 -0.8%
Nasdaq: 16,691 -436.83 -2.6%
S&P 500: 5,408 -94.99 -1.7%
|
YTD
+7.0%
-3.0%
+16.7%
+11.2%
+13.4%
| |
42,000 or 39,500 by 09/15/2024
16,200 or 15,300 by 09/15/2024
1,100 or 1,000 by 09/15/2024
18,400 or 16,650 by 09/15/2024
5,750 or 5,375 by 09/15/2024
| ||
This page describes the wave one extension pattern of the Elliott wave principle, how price moves not in a straight line but in a series of rises and retracements.
The figure to the right shows what a wave one (first wave) extension looks like in a bull market. An extension is an unusually long impulse wave with exaggerated subwaves, according to Frost and Prechter.
Many impulses contain only one extension in their actionary subwaves. That is, only one of the waves 1, 3, or 5, will be extended. When an extension occurs, it will likely occur during wave 3. The subwaves within an extended wave have nearly the same duration and amplitude.
Four subwaves join the five wave impulse to complete the extension. I show this as four waves in black followed by five waves in red in the chart above. Knowing that wave one extends suggests waves three and five will be normal length.
The chart on the right is the same as the prior one but the wave occurs in a bear market. Again, black shows the four wave extension leading to the five wave impulse in red.
The wave one extension has rules that govern its shape. They are listed here.
-- Thomas Bulkowski
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