Textbook : Wave-2 can retrace as mush as 99% of wave-1. If it does and wave-1 is polywave or higher the wave-2 will subdivide into an a-b-c affair in which the c wave will fail (the 2 wave may subdivide whether the 1wave does or not)
If you are witnessing the first wave-1 develop after a prolonged advance or decline there are no specific price level requirements for the termination of wave-1. If it is wave-1 of a larger wave-3 or 5 wave then wave-1 should approach and preferably exceed the termination point of the last impulse wave of one larger degree. The wave-3 must be longer then wave-1.If the pattern is above Complexity level 1 the third or fifth wave will be the subdivided segment not wave-1 This is not to imply wave-1 will not subdivide it just means it will not be the subdivided wave of the group.In other words wave-3 or 5 will be more subdivided.
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