it seems that there is a break out of ending diagonal pattern which means if its the end of ending diagonal we'll have a sharp move to downside.
but its possible for one more up move to complete the ending diagonal pattern and now we may be in the wave 4 of ED.
this ending diagonal is in the C wave of an ABC correction and if its a break out and start of a down trend, it means that we have a C failure.
lets see how its going.
for entering short trade i will switch to lower time frames and trade corrections in lower degree.
break out of corrections in lower degree can be indication for end of diagonal pattern and developing down trend
but its possible for one more up move to complete the ending diagonal pattern and now we may be in the wave 4 of ED.
this ending diagonal is in the C wave of an ABC correction and if its a break out and start of a down trend, it means that we have a C failure.
lets see how its going.
for entering short trade i will switch to lower time frames and trade corrections in lower degree.
break out of corrections in lower degree can be indication for end of diagonal pattern and developing down trend
Note
break below horizontal dashed line can be a trigger for short setup; i change my view about the pattern, i can't count it as an ending diagonal; i think its going to make a triangle :
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.