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XAGUSD1! trade ideas

ENDING DIAGIONAL .SILVER IN INFALATION The Ending Diagonal is a pattern the occurs when the preceding move as Elliott puts it has gone „to far too fast“. This pattern is mostly found in the fifth wave, at the end of an impulse. It can also happen as a final Wave C in a ABC-Correction. Rules: • Wedge shape with contracting trendlines • Wave 4 overlaps with Wave 1, but does not go beyond the start of wave 2 • Wave 1 is the longest wave and wave 3 can’t be shorter than wave 5 • Structure is normally 3-3-3-3-3, each waves subdivides into a ZigZag a-b-c or w-x-y It is also accompanied by divergences in RSI or MACD indicator. Ending Diagonal ❗ Watch out, often the fifth wave of the Ending Diagonal makes a fake breakout above the wedge forming trendlines. ➔ Because Ending Diagonals only occur at the end of a move, the following trend change and new direction of price action leads to great trade opportunities.
MCX:SILVERN2021Short
by thetradinganimal