Wave 3 is now overdue for completion and we should be correcting it anytime soon as shown. However, Wave 5 when it comes should extend, taking us near/beyond 18000 as shown.
WAVE EXTENSIONS
In Elliott Wave Theory, Fibonacci ratios are commonly used to identify potential wave extensions within the impulse waves (Waves 1, 3, and 5). These ratios are derived from the Fibonacci sequence, a mathematical sequence in which each number is the sum of the two preceding numbers (e.g., 0, 1, 1, 2, 3, 5, 8, 13, 21, and so on).
The following Fibonacci ratios are commonly used in Elliott Wave Theory to identify potential wave extensions:
0.618 (or 61.8%): This is the most common Fibonacci ratio used in Elliott Wave Theory and is known as the golden ratio.
So presently, we have one segment of wave 3 completed and we should be having a correction somewhere here. Assuming we are going to commence wave 5 on completion of the present correction (as shown above), wave 5 can extend to 0.618 times wave 1+ wave 3 combined. However, this would depend on our assumption that wave 3 will not extend.