Is there any time limit for wave 2 with respect to wave 1 and wave 4 with respect to wave 3 in an impulse?

Answer:

Absolutely - this concept is discussed extensively in Chapter 3 of my book Mastering Elliott Wave but I will synopsize those details below.

STANDARD (trending) IMPULSIONS
1. The time of wave-2 should equal or exceed that of wave-1
2. The time of wave-2 should not be more than 300% of the time of wave-1
3. The time of wave-4 should equal or exceed that of wave-3
4. The time of wave-4 should not be more than 300% of the time of wave-3
5. The price range of wave-2 cannot be shared by the price range of wave-4.
6. Wave-3 can never be the shortest of the three trending waves (1, 3 & 5)
7. Waves-2 & 4 will differ from each other in price, time and/or complexity


TERMINAL (concluding) IMPULSIONS
1. The time of wave-2 is allowed to be less than that consumed by wave-1 but is not required to be
2. The time of wave-2 could exceed 300% of the time of wave-1 but probably not exceed 500%
3. The time of wave-4 is allowed to be less than that consumed by wave-3 but is not required to be
4. The time of wave-4 could exceed 300% of the time of wave-3 but probably not exceed 500%
5. The price range of wave-2 MUST share some of its price range with wave-4.
6. Wave-3 can never be the shortest of the three trending waves (1, 3 & 5)
7. Waves-2 & 4 will differ from each other in price, time and/or complexity (sometimes to an extreme)