Ending diagonal structure
A couple weeks ago i have identified Diagonal at TOTAL chart 8d TF.
Now i managed to recognize it on BTC. Diagonal structures are found at the termination points of larger patterns, indicating exhaustion of the larger movement. Ending diagonal often ends in a throw-over, ie, a brief break of the trendline connecting the end points of waves one and three.
A rising ending diagonal is usually followed by a sharp decline retracing at least back to the level where it began and typically much further. A falling ending diagonal by the same token usually gives rise to an upward thrust. Fifth wave extensions, truncated fifths and ending diagonals all imply the same thing: dramatic reversal ahead.
Now i managed to recognize it on BTC. Diagonal structures are found at the termination points of larger patterns, indicating exhaustion of the larger movement. Ending diagonal often ends in a throw-over, ie, a brief break of the trendline connecting the end points of waves one and three.
A rising ending diagonal is usually followed by a sharp decline retracing at least back to the level where it began and typically much further. A falling ending diagonal by the same token usually gives rise to an upward thrust. Fifth wave extensions, truncated fifths and ending diagonals all imply the same thing: dramatic reversal ahead.
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