{ASHOK LEYLAND}:[{USING ELLIOT WAVE NOMENCLATURE}]

https://www.tradingview.com/x/zEZLh0BX/

WAVE 1 : Wave 1 can be either a 5 Wave Sequence structure or a 3 Wave Sequence structure as well, but a 3 Wave Sequence comprises of two 5 Wave Impulse structure hence when Wave 1 is a 3 Wave Impulse WAVE 3 is supposedly way bigger than WAVE 1.(In the above pic also we see WAVE 1 is a 3 Wave Impulse structure.)

Let's Move to WAVE 2 . . .

WAVE 2 : Wave 2 and or Wave 4 both are formed in one timeframe lower to the timeframe in which Impulse is formed, as correction structures have less volume than the Impulses hence we can have a clearer picture in one timeframe lower to the one in which Impulse is formed. Similarly we have a 3 Wave Correction structure in 3 Months chart which defines WAVE 2 a simple correction structure.

Wave 2 is typically 50%, 61.8%, 76.4%, or 85.4% of wave 1.(When we have a 3 Wave Impulse in Wave 1 it shoots from 50% due to more power as there is a double Impulse)

https://www.tradingview.com/x/3e68phkw/

WAVE 3 : Wave 3 is what brings us all to the table; the wave every trader wants to surf . . . Here's ur chance,
We have checked that Price has retraced 50% of the Wave 1 as per Fibonacci Retracement tool.
Similarly we can find out the Target of Wave 3 using Fibonacci Extension tool as follows.