dojitrader
Short

Ending Diagonal ending now or later . . . ?

FX:USDCAD   U.S. Dollar/Canadian Dollar
214 2 1
Questioning the end of this ED since the hallmark of such a pattern is
that each leg subdivides into 3 waves. The 1st and 2nd leg are obvious,
but, the potential 3 - 4 -5 are difficult to subdivide with clarity like the first
2 waves. IF - you count 3-4-5 as the subdivision then we need 2 more
waves to finish this off and hopefully give us the other hallmark
of an ED: that being 5th wave throw over of the top trend line.
Thankfully it is Friday and I no longer place trades to hold over
the weekend. (tough lesson learned)
I don't have to decide until next weeks open.
(As I write I see that this now has the look of collapse
another hallmark of an ED top)
Food for weekend thought . . .. have a good one !
dojitrader
2 years ago
Answer ~~~~~~
Why wait for the weekend !
Reply
dojitrader
2 years ago
Fundamentalists are saying that a leaked XL Keystone pipeline report
is the reason for the sell off.Technicians will say the charts saw it coming.

Here's is what I'll be looking for next week. Ideally sell the .618 at 1.1170
especially if this is a 3 wave correction. E Diagonals are terminal in that they
usually are a change of trend at least on the short term.
Target 2 is a 1 to 1 ratio of today's collapse. If this is a wave 3
or even an extended C the target is around 1.0950.
First things first --- a 3 wave correction and a classic entry
is at hand.
snapshot
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