Good morning,
On USD/CHF we are tracking a flat correction in progress, with price now unraveling an overlapping movement within sub-wave C of B). We are observing an EW ending diagonal within sub-wave C of B), which can face potential resistance/turning point near the 0.9975-1.0000 area. A drop in impulsive fashion, and below the lower EW trendline would confirm a completed wave C, and more weakness ahead.
USDCHF, 4h
An ending diagonal is a special type of pattern that occurs 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, 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.
- structure is 3-3-3-3-3
- a wedge shape within two converging lines
- wave 4 must trade into a territory of a wave 1
- appears primarily in the fifth wave position, in the C wave position of A-B- C and in double or triple threes as the final “C” wave
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