Ending Diagonal
elliottwave.net
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. In double or triple threes (see next section), 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. 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. The ending diagonal is illustrated in Figures 8 and 9 and shown in its typical position in larger impulse waves.
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for scalps : I prefer QLD (long or short) to QID simply becuz I like to move more shares (same w/ DDM vs DXD.) Likewise TNA vs TZA (triple long russel2k) .. we are discussing TNA 5min technicals on an everyday basis now in #smallcaps .. (I am doing roughly a half dozen round trips per day) .. we have a newcomer to the room.. the man who inspired me to begin studying TA many years ago (thank you kevin) .. and he has been a great addition. fwiw, I have also been shorting UYG as recently as this past week.
Ron, I think I speak for all us in saying that : We hope you'll join us more often in the new year.
But, no worries.. understand the need to keep distractions to a minimum and attention to your trading vehicle of choice at a maximum.
Best regards,
~dave |
