New TA/Charting, page-6566

Yes absolutely. However it depends on your wave count on how far you would judge/expect the Fib Extension to travel, because there are different rules applying to waves 3 up and 5 up. I had the pivot low as the low of a wave 4 down move and where a wave 5 move up started with 1 up, 2 down and now in wave 3 move up kind of like my chart already is indicating. Please also note that I used different markings indicating possible differences in wave degrees.

Sorry I know it isn’t that simple or straight forward an therefore easily confuses newcomers to EWT and leads to experienced chartists claiming EWT isn’t working at all, is too inconsistent, is too subjective or to complicated. Working with EWT within a rising or falling trend is even harder, than trying to sort it with hindsight. Personally I simply stuck with it using lots of determination to master it and even then I still have to consider alternatives.