it is not necessary to be at an exact Fibonacci level,up to a 5% deviation is acceptable.
Regarding, wave b, it must be an abc corrective pattern, and must be >70% of wave a, by following such rules & guide line,
when we see only a single leg, in comparison with the time & price, we assume that it is not completed yet.
In contrary to all above, it is all a hypothetical view only, Eg; take any of my recent count for an Intermediate wave (3).
Say its correction wave (4) if correcting toward wave (2) area, all the count is gone invalid. THEN THOSE EXPECTED WAVE 3 become and X or ABC?????
There are many such issues in w elliot wave coun, one has to be aware. EVERYTHING cannot be picturised. it need a deep understanding,
somebody was asking about the time frame of an intermediate wave (3), having an investment plan for a month. it is really a dangerous approach.
Look at my M&M count for eg:, assumes that, we are wave 2 of wave wave (5)of wave . How dangerous it will be if one is entering into an investment for a MONTH,
thinking that a wave 3 is started.
we are in wave 2 only, and it need confirmation.And again what is the wave personality of an extended wave . A DEEP FALL ON COMPLETON. All that thing shall be discussed before entering in to a trade.
I propose to make a detailed article about that later when i get time.
1)extended wave 5. A deep fall....***