Can you diagram where waves 1,3 and 5 of your supposed Leading Diagonal are standalone 5 wave impulsive structures? Because I don't see it.
From the neighbour table just a comment for your thread, leading diagonal do not have any impulse waves, only ending diagonal does - just as Big Mike pinpointed out below.
Hi Kaori,
I suggest you take a look at pages 37-41 of the Elliott Wave Principle. Ending Diagonals have a 3-3-3-3-3 structure, while Leading Diagonals have a 5-3-5-3-5 structure. Here is a quote from the book:
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."
Last edited by apipintime; 07-04-2009 at 11:05 AM..
"Ending diagonals take a wedge shape within two converging lines, with each subwave, including waves 1,3 and 5, subdividing into a "three", which is otherwise a corrective wave phenomenon."
Well Apinitime. In real life those 3īs are not so clear, or not actually how do I track them. When speaking about diagonal, itīs most often fifth wave position meaning ending the direction for current direction & reversal pattern and one of my favorite pattern also. I rather looking it as ending impulse. So, propably technically correct name is leading diagonal, but because itīs actually ENDING current direction, not leading it anywhere anymore so I often call it for ending diagonal
Here's a look at what I think is occurring with Swissy:
I don't have a solid count for Swissy either, but "look" wise, this small wave A and huge wave B scenario is kinda stretchy don't you think?
As much as I want this pair to rebound up from here to at least 1.38~1.48 area, there's still a fair possibility that it will take one more dive to around parity in the short term.
I don't have a solid count for Swissy either, but "look" wise, this small wave A and huge wave B scenario is kinda stretchy don't you think?
As much as I want this pair to rebound up from here to at least 1.38~1.48 area, there's still a fair possibility that it will take one more dive to around parity in the short term.
Hey Bryan,
In the short term, I am expecting the dollar to strengthen against it's counterparts through most of the summer and then weaken throughout the rest of the year. This should be coincident with the current corrections and subsequent rallies in gold, oil and equities.
Edit: I agree that Swissy should take another dive at parity, but I see that happening later this year.
Last edited by apipintime; 07-04-2009 at 07:52 PM..
Here is a pattern that you won't find in Prechter's book; It's a B wave diagonal type triangle that I found in a book about EW trading (Robert Balan). He has got many more examples where correctional type waves combine and this one I found very perculiar because it looks like a diagonal and it is a 5 wave B-wave....
Here is a pattern that you won't find in Prechter's book; It's a B wave diagonal type triangle that I found in a book about EW trading (Robert Balan). He has got many more examples where correctional type waves combine and this one I found very perculiar because it looks like a diagonal and it is a 5 wave B-wave....
I bet you that was a 5 wave move before the A, which would make that B wave a double zigzag.
It's unclear wether or not a major top is in place for gold yet... But I must favour further gains for the time being....
I've been watching gold as well. You could either short now with a stop above 1000 or wait for a break of 915 and then short. Targets for wave C of a Flat or Expanded Flat correction should be 849 (1.0 Fib) or 762 (1.618 Fib).
Here is an update on the swissy as I have been looking for a triangle as well....
Hey ZG,
Nice. I was looking at a possible triangle scenario as an alternate to the flat that I proposed. Either way, both scenarios should result in the same conclusion. Out of curiosity, have you been following a count for the USD/CAD? I have us completing wave 5 of an impulse off of the 1.0782 low or starting a second zigzag off of the same level.
Last edited by apipintime; 07-05-2009 at 07:44 AM..
Reason: added chart
Nice. I was looking at a possible triangle scenario as an alternate to the flat that I proposed. Either way, both scenarios should result in the same conclusion. Out of curiosity, have you been following a count for the USD/CAD? I have us completing wave 5 of an impulse off of the 1.0782 low or starting a second zigzag off of the same level.
APIT,
The Loonie has me a bit confused. I have been following a similar count...and that thrust out of the triangle, should be terminal and result in a correction...but it didn't, or at least not yet. Check out this daily chart....it's uber bullish, but my confidence in the abcxabc correction is low...your thoughts?
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