Sorry, the way I understand it is; Wave 3 is 1.618 of wave 1, but wave 3 starts from the bottom of wave 2.
E.g.
Wave 1 is 10c long (assume 0c to 10c), that would make wave 3, 1.618 x 10c = 16.18c long
Now the wave 3 target is calculated from the low of wave 2 (whatever that is).
E.g.
Wave 2 low is 3.82c (62% retrace of wave 1), thus wave 3 target is 20c
If wave 2 low was 50% (5c) then the third wave target would be 16.18 + 5 = 21.18c
That's just my take on it, I may be completely off base.
Example on a chart;
Ann: Positive Assessment of Long-Term Pumping Data at Rincon, page-59
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