Ending Diagonal Sell setup

DJ:DJI   Dow Jones Industrial Average Index
There is an ending diagonal setup. The sharp sell off is expected to the starting of the diagonal. We kept our target at 38.2% of wave (3).
I have to disagree, the long wick on the most recent candle came down touched a support point and turned around. Also a trendline can be drawn from 2009 on ward and has not been broken. We shall see, good luck.
I agree with you Sandeep
This looks pretty interesting to me ...
These are just the rules and guidelines provided by the Mr. Elliott and integrating them with the practical fibonacci retracements and extensions.
+1 Reply
HamedAghajani PRO Sandeep_Gupta
doesn't that long wick worries you?
Sandeep_Gupta HamedAghajani
Elliott wave theory says that after a ending diagonal is formed, a sharp correction follows and this correction may go up to the the 4th wave or the starting of the diagonal.
HamedAghajani PRO Sandeep_Gupta
Thanks, This means that once the ending diagonal has been broken, the price action underneath the ending diagonal does not matter. Am I correct?
Sandeep_Gupta HamedAghajani
The ending diagonal started to form since October 2013 and it took almost a year to form. I may be wrong but a week's candlestick can not subdue the pattern of a year. It is true that the price can take any path but the observations of years of the masters says as I outlined above.
+1 Reply
You are only looking for a partial retrace ment than new highs. That is bold sir
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