Wave 3 vs. Wave 1 

In Elliott Wave Theory, Wave 1 is rarely the longest among the three impulse waves (1, 3, 5). Instead, Wave 3 is typically the extended wave and plays a significant role in identifying potential market moves.

Here’s how you can analyze 

1️⃣ Minimum Price Objective:
Wave 3 generally reaches at least 100% of the price range of Wave 1. This is expressed as:
Wave 3 = 100% of Wave 1.

2️⃣ Confirmation of Wave 3:
If the suspected Wave 3 surpasses 100% of Wave 1's price range, it strengthens the likelihood that this is indeed Wave 3 in a five-wave sequence.

3️⃣ Next Target Levels:

Wave 3 often extends further, targeting 162% of Wave 1 as the next minimum objective.
In most cases, Wave 3 lies within 162% to 262% of Wave 1, making these levels critical projection points.
Common terminations for Wave 3:
Wave 3 = 162% Wave 1
Wave 3 = 262% Wave 1

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