Last thursday NZD/USD traded a few pips above 0.7324 and met the minimum requirements for an ending diagonal. However, it would be more convincing if Kiwi reached the upper line of the supposed ending diagonal.
Saturday, August 13, 2016
NZD/USD - Ending diagonal, but a bigger one
Remember this chart of NZD/USD. The pair initially went down but then rallied in 3 waves to 0.7338. It appears that that smaller ending diagonal turned into a larger ending diagonal. Although I believe that the smaller diagonal satisfied all requirements of an ending diagonal I think that the fifth wave was relatively small and out of proportion. So recent price action demonstrates once again that proportions matter when it comes to Elliott Wave analysis.
Last thursday NZD/USD traded a few pips above 0.7324 and met the minimum requirements for an ending diagonal. However, it would be more convincing if Kiwi reached the upper line of the supposed ending diagonal.
Last thursday NZD/USD traded a few pips above 0.7324 and met the minimum requirements for an ending diagonal. However, it would be more convincing if Kiwi reached the upper line of the supposed ending diagonal.
