• 8 hours Is This The Big Biotech Bust?
  • 14 hours Funding Is The Biggest Hurdle For Clean Energy
  • 1 day Walmart Reaches Out To Chilean Government For Protection
  • 2 days The Most Exciting Gold Find Of The Decade
  • 2 days Mining Boom Sparks Deforestation Concerns
  • 2 days The Cannabis Culling Has Wall Street Disappointed
  • 3 days Vigilante Offers $100,000 Bounty To Hack Banks
  • 3 days The Dairy Industry Is Dying
  • 4 days The Most Impressive Electric Vehicle Of The Year
  • 5 days Gold Miners Are Having A Stellar Second Half
  • 5 days How 3D Printing Is Turning Each And Every Industry On Its Head
  • 6 days Is The $3.5 Trillion Healthcare Industry About To Get Much More Transparent?
  • 6 days Gamblers Are Betting Big On Trump’s Impeachment
  • 7 days Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 7 days Will Bezos Buy The Seattle Seahawks?
  • 8 days 6 Tech Trends Transforming The Travel Industry
  • 8 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 8 days Trump Prepares For Another Key Tariff Decision
  • 9 days The Free Money Bubble Is About To Burst
  • 9 days The Crushing Reality Of Poverty In America
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: Ending Diagonal On USDCAD

We can see USDCAD undergoing a small intraday rally within sub-wave five of 5, which can be the last act of bulls, before a probable reversal towards lower levels happens. That said we see wave 5 displaying a structure of an ending diagonal, which usually suggests a sharp reversal to come, once the ending diagonal completes itself. Well, bears could take over around the Fibonacci ratio of 261.8 in hours to come.

USDCAD, 1H

USD/CAD 1-Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.

Basic Ending Diagonal Pattern:

 


Disclosure: We do not own any assets or share of the instrument mentioned in our outlook

 

Back to homepage

Leave a comment

Leave a comment