Quote:
Originally Posted by Big Mike
Good observation, Pippin
It certainly looks like an ending diagonal in wave C. Wave "e" is not complete yet, it might end up in undershoot.
We know what it means. It is a very powerful bullish signal. It will be fully retraced. In this case, in excess of 1.675
It will be lots of fun to watch.
BTW: EURUSD cannot be far behind. I have been advocating on these pages for a week now that EURUSD is forming a leading diagonal. I am saying this because each leading wave 1,3,5 can be subdivided into 5 waves. So, it surely looks like a leading diagonal to me. It must end up with a deep A-B-C correction to confirm, which is happening now.
Once the correction is finished, it will burst up in a powerful motive wave.
I become more and more convinced that my scenario with EURUSD moving up to 1.48 will play after all, despite all gloom and doom.
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Hey Mike,
Leading Diagonal (pg. 40 of EWP)
"When diagonal triangles occur in the wave 5 or C position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the wave 1 position of impulses and in the wave A position of zigzags. The characteristic overlapping of waves 1 and 4 and the
convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However,
the subdivisions are different, tracing out a 5-3-5-3-5 pattern. The structure of this formation fits the spirit of the Wave Principle in that the five-wave subdivisions in the direction of the larger trend communicate a continuation message as opposed to the "termination" implication of the three-wave subdivisions of the ending diagonal."
I am not quite sure that each of Waves 1,3 and 5 of that supposed Leading Diagonal are standalone impulsive structures, Wave 1 does not look remotely impulsive. So, in my opinion, that looks much more like a B wave than a Leading Diagonal.
