The price could be completing a major ABC (ZIGZAG) correction, with wave C taking the shape of an ending diagonal. The recent major rejection formed a shooting star candle, also hints the bearish pressures. I am looking for an initial move towards 1.0110-1.0100 support level. A break below that support and the rising trend line will probably confirm more downside, targeting 0.9830 support level.
Definition: An ending diagonal is a special type of wave that occurs primarily in the fifth wave position at times when the preceding move has gone "too far too fast," as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. They appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement. Source: www.elliottwave.net
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Definition: An ending diagonal is a special type of wave that occurs primarily in the fifth wave position at times when the preceding move has gone "too far too fast," as Elliott put it. A very small percentage of ending diagonals appear in the C wave position of A-B- C formations. They appear only as the final "C" wave. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement. Source: www.elliottwave.net
Good luck, join me @:
twitter.com/thefxchannel
thefxchannel.com
