Fibonacci Ratios: Wave 1 Extension

2026.05.09

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Ratio Relationships: Wave 1 Extension Case is an Elliott Wave guideline showing the ratio relationships when wave 1 of an impulse extends. The target for the size from the end of wave 2 to the end of wave 5 is 0.618× wave 1.

Overview

When wave 1 of an impulse extends, the target for the size from the end of wave 2 to the end of wave 5 is 0.618× the size of wave 1.

The wave 1 extension type is less common than the wave 3 extension and wave 5 extension types. Its hallmark is that the first wave extends the most, while the entire wave 2–5 structure that follows stays at 0.618× the size of wave 1.

However, this guideline has an important constraint. If wave 2’s retracement exceeds 61.8%, this guideline does not hold. If wave 2 retraces deeper than that, wave 4 would overlap with wave 1, violating the rules of an impulse.

Illustrated Chart

Wave 1 extension = 1.000, Wave 2 end to Wave 5 end = 0.618 — Click to expand
1.000 0.618 S 1 2 3 4 5 Wave 1 (extended) = 1.000, Wave 2 end to Wave 5 end = 0.618
A typical example where wave 1 greatly extends and the subsequent rise from the end of wave 2 to the end of wave 5 targets 0.618× wave 1. Comparing the size of wave 1 (red dimension line) with the rise from wave 2 end to wave 5 end (blue dimension line), the latter is about 0.618×.
⚠ Guideline constraint
If wave 2’s retracement exceeds 61.8%, wave 4 would overlap with wave 1 and violate the rules of an impulse, so this guideline does not hold. The Prechter book’s guideline for the wave 1 extension case is still not fully verified, so it needs to be applied flexibly on a case-by-case basis.
How to read the diagram: Note how wave 1 (red thick line) extends greatly, while the entire wave 2–5 structure that follows (gold) stays at 0.618× wave 1.

Detailed Points

  1. Size from Wave 2 end to Wave 5 end = Wave 1 × 0.618

    In the wave 1 extension type, wave 1 extends greatly, and the rise from the end of wave 2 to the end of wave 5 targets 0.618× wave 1.

  2. If wave 2’s retracement exceeds 61.8%, this guideline does not hold

    If wave 2’s retracement rate exceeds 61.8%, wave 4 would overlap with wave 1 and violate the rules of an impulse, so this guideline cannot apply. Wave 2’s retracement must be considerably smaller than 61.8%.

Ratio Relationships (Fibonacci)
The tendency for subwaves within the same wave to be in Fibonacci ratio relationships. A guideline still under study.
Wave Equality
The tendency for two of waves 1, 3, and 5 of an impulse to be similar in rate of change and time length.

Summary

Ratio Relationships: Wave 1 Extension Case is a guideline showing the ratio relationships when wave 1 of an impulse extends.

With the size of wave 1 as the reference, the rise from the end of wave 2 to the end of wave 5 targets 0.618× wave 1. However, note that if wave 2’s retracement exceeds 61.8%, this guideline does not hold. Since this guideline is still not fully verified, it needs to be applied flexibly on a case-by-case basis.

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