Textbook! Started at the top with a Ending Diagonal. Finishing at the bottom with an Ending Diagonal First wave of correction ending soon at 0.5 - 0.618 correction. Could be up for a new 5 wave impulse or an X for an XYZ combination further down
Komen
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From our friend Mr Elliot and Frost:
"Ending diagonal triangles indicate exhaustion of a larger pattern that moved too far too fast. Ending diagonals are usually followed by a quick thrust which retraces to the starting level of the diagonal."
This means that we would expect to see a quick return back up to the start of this, which was 11.5k.
I will now buy back in full when I see the end of this pattern.
Looking good. Will join you at a nice bounce at 10,400 hopefully.
monkia
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@straightace, yep, in the 5th now. I expect it to be shorter than the 3rd but probably still 3 waves and probably a break out down from the triangle.
straightace
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@monkia, Those darn truncated 5ths. Everytime it seems. Are in now?
straightace
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@straightace, Or would you say we ares till finsihing 4th wave down?
monkia
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@straightace, actually, yes, could still be in the 4th. Although that is a complex one to read!
monkia
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@straightace, Gut feel is we wont break yet as the smart money will want to see these waves complete, but I could be wrong. I wont buy in full on this formation if it does break.
monkia
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@straightace, yep could be. I'm fairly certain we are in the 5th and we have done the 1st and 2nd of it just now. So either we dont have a 2nd and 3rd wave of the 5th, which would be strange or we have two more minis to go. Not yet in, I'll wait for the 1M RSI to move out of overbought and see what that does to the wave count.
monkia
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From our friend Mr Elliot and Frost:
"Ending diagonal triangles indicate exhaustion of a larger pattern that moved too far too fast. Ending diagonals are usually followed by a quick thrust which retraces to the starting level of the diagonal."
This means that we would expect to see a quick return back up to the start of this, which was 11.5k.
I will now buy back in full when I see the end of this pattern.