We are in this large ABC correction and currently in wave C which is playing out as an Ending Diagonal it seems.
Ending Diagonals often announce a big reversal.
Wave 5 is often a throw over, meaning it goes a bit above the upper trend line. (In rare occasions it's truncated, does not go above wave 3 high)
Volume diminishes while the diagonal unfolds and ends with a spike in volume.
Wait for one more move up here before thinking to short this.
Ending Diagonals often announce a big reversal.
Wave 5 is often a throw over, meaning it goes a bit above the upper trend line. (In rare occasions it's truncated, does not go above wave 3 high)
Volume diminishes while the diagonal unfolds and ends with a spike in volume.
Wait for one more move up here before thinking to short this.
Note
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Note
Count got invalidated!!! We seem to be still in wave 3.
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Questions? Chat or Comment on Ideas
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Thanks !
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.