Ending Waves of Multiple Degrees
The ending diagonal pattern is one of my favorite Elliott Wave patterns. It offers defined risk and focused rewards typically yielding excellent risk:reward ratios.
As you can see from the chart above, this ending diagonal is counted to finish at least 3 degrees of trend ('C' wave could also be the ending a multiple zig zag making it 4 degrees of trend).
A break of Friday's low of 2.1405 builds the case a top is in. The conservative target on this is the origination of the diagonal pattern at 2.08. Since this is an ending wave at multiple degrees, lower potential exists to at least 1.94.
As you can see from the chart above, this ending diagonal is counted to finish at least 3 degrees of trend ('C' wave could also be the ending a multiple zig zag making it 4 degrees of trend).
A break of Friday's low of 2.1405 builds the case a top is in. The conservative target on this is the origination of the diagonal pattern at 2.08. Since this is an ending wave at multiple degrees, lower potential exists to at least 1.94.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress