Elliott Wave - SELL GBPCAD - Potential Leading diagonal

Jan 17, 2020

Good evening traders,

We are testing out some Elliott wave analysis.

We are currently watching the GBPCAD as we could be looking at a leading diagonal.

• A leading diagonal consists of five waves, labeled 1-2-3-4-5.
  Waves 2 and 4 are always corrective,
  Wave 1 is usually the longest
  Wave 3 cannot be the shortest among waves 1,3 and 5.
  Waves 1 and 4 overlap
  Leading diagonals occur in the position of the first wave of an impulse or wave A of a zig-zag correction.
  

Any thoughts or comments are welcome,
We are currently shorting with our initial target of 1.6900