Q: I recently came across a chart where the labeling appears to show a Wave v that is longer than a Wave iii. I was under the understanding that the third Wave was always the longest? Would you please explain that rule?
A: Wave 3 can never be the shortest wave, but it does not have to be the longest. If wave 3 is shorter than wave 1, then wave 5 must be shorter than wave 3. Read Elliott Wave Principle – Key to Market Behavior to review the rules and guidelines. The entire book is free here.