SMN technical analysis chart, page-405

Lies,

I presume you have not studied Elliott Wave in depth. If you had, you would understand that impulse waves are usually numbered 1,3 & 5 in a 5 wave sequence. In the corrective waves, you usually look for 3 waves, called A,B & C. The 2nd & 4th waves are corrective waves containing lesser degree A,B & C waves. When a 5 wave sequence is concluded, the correction is usually in the form of A,B,C & those waves are the same degree as those in the 5 wave sequence.

The corrective waves form various patterns including zig zags, flats & triangles. The 2nd & 4th waves usually form different patterns but it is not uncommon for them to have a similar length.

For many forecasting the length of a 5th wave is difficult. A fifth wave is usually Fibonacci related to the previous waves. It is often a similar length to wave 1 or 38.2% of the length of the entire 5 waves. The trick in working that out is to take the length from the beginning of wave 1 to the bottom of wave 4 & multiply it by 0.618 & the answer, when added to the bottom of wave 4 is 38.2% of the entire 5 wave sequence.

In doing those calculations you are able to get a very good idea of what to expect.