In concluding our discussion of wave formations and guidelines, one important point remains to be mentioned, and that is the sig­nificance of wave 4 as a support area in subsequent bear markets. Once five up waves have been completed and a bear trend has begun, that bear market will usually not move below the previous fourth wave of one lesser degree; that is, the last fourth wave that was formed during the previous bull advance. There are excep­tions to that rule, but usually the bottom of the fourth wave con­tains the bear market. This piece of information can prove very useful in arriving at a maximum downside price objective