wave 2 can't fall below 50 % which is 2.75 from 2.30 to 3.20 d.stockcharts.com/school/data/media/chart_school/market_analysis/elliott_wave_theory/ew_basics/ewb-01-spy5.png http://stockcharts.com/school/doku.php?st=elliot+5+wave+method&id=chart_school:market_analysis:elliott_wave_theory ec