After an impulsive Wave 1 up, the market corrects in Wave 2. A long entry occurs when Wave 2 retraces exactly to the 61.8% or 78.6% Fibonacci level of Wave 1. If Wave 2 forms a clear corrective pattern (like a zigzag) at that level, the trade has a success rate far above random entries.
Usually retraces 50%, 61.8%, or 78.6% of Wave 1. elliott wave fibonacci high probability trading pdf download
Leonardo Fibonacci discovered a sequence of numbers (0, 1, 1, 2, 3, 5, 8, 13, 21…) where the ratio between successive numbers approximates (the Golden Ratio) or 0.618 (its inverse). After an impulsive Wave 1 up, the market corrects in Wave 2
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If you have been searching for a structured, rule-based approach to trading, you have likely come across the term