AUDCAD: Possible Reversal Ahead
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: elliottwave.net
Good luck, join me @:
twitter.com/thefxchannel
thefxchannel.com
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: elliottwave.net
Good luck, join me @:
twitter.com/thefxchannel
thefxchannel.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.