VIX load up fore correction - Push first SPX down to 3640 ish were 200EMA 1 hour support and level of Wave 1 top is. After small correction up, then down to 1 day 200EMA support around 3400 (se guideline below why)
Ending diagonal is a special wave that occurs primarily in the fifth wave position at times when the preceding move has gone "too far too fast" as Elliott put it. Often end in a throw-over with relatively high volume. A rising diagonal is bearish and is usually followed by a sharp decline retracing at least back to the level where it began. Imply = Dramatic reversal ahead --- down to minimum 3000 were ending diagonal began
Leading ending diagonal - Bull market throw-over
Chart example of zig-zag 3-3-3-3-3 patern
Rules (these are “hard” rules; they cannot be broken)
A diagonal triangle always subdivides into five waves.
An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.---"check"
Waves 1, 2,3, 4 and 5 of an ending diagonal. and waves 2 and 4 of a leading diagonal always subdivide into zigzags.---"Zig zag 3-3-3-3-3 as on chart example"
Wave 2 never goes beyond the start of wave 1.---"check"
Wave 3 always goes beyond the end of wave 1.---"check"
Wave 4 never moves beyond the start of wave 3.---"up next"
Wave 4 always ends within the price territory of wave 1.--"up next"
Going forward in time, a line connecting the ends of waves 2 and 4 converges towards (in the contracting variety) or diverges from (in the expanding variety) a line connecting the ends of waves 1 and 3.
In a leading diagonal, wave 5 always ends beyond the end of wave 3.---"this will play out after Wave 4 is done"
In the contracting variety, wave 3 is always shorter than wave 1, wave 4 is always shorter than wave 2, and wave 5 is always shorter than wave 3.---"looking for this"
In the expanding variety, wave 3 is always longer than wave 1, wave 4 is always longer than wave 2, and wave 5 is always longer than wave 3.
In the expanding variety, wave 5 always ends beyond the end of wave 3.
Guidelines (guidelines can be broken but it’s rare that they are)
Waves 2 and 4 each usually retrace .66 to .81 of the preceding wave.---"check on Wave 2 as 0.66 - Next up Wave 4"
Waves 1, 3, and 5 of a leading diagonal usually subdivide into zigzags but sometimes appear to be impulses.
Within an impulse, if wave 1 is a diagonal triangle, wave 3 is likely to be extended.
Within an impulse, wave 5 is unlikely to be a diagonal triangle if wave 3 is not extended.
In the contracting variety, wave 5 usually ends beyond the end of wave 3. (Failure to do so is called a truncation.)
In the contracting variety, wave 5 usually ends at or slightly beyond a line that connects the ends of waves 1 and 3. (Ending beyond that line is called a throw-over.)---"looking for this"
In the expanding variety, wave 5 usually ends slightly before reaching a line that connects the ends of waves 1 and 3.
Ending diagonal is a special wave that occurs primarily in the fifth wave position at times when the preceding move has gone "too far too fast" as Elliott put it. Often end in a throw-over with relatively high volume. A rising diagonal is bearish and is usually followed by a sharp decline retracing at least back to the level where it began. Imply = Dramatic reversal ahead --- down to minimum 3000 were ending diagonal began
Leading ending diagonal - Bull market throw-over
Chart example of zig-zag 3-3-3-3-3 patern
Rules (these are “hard” rules; they cannot be broken)
A diagonal triangle always subdivides into five waves.
An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.---"check"
Waves 1, 2,3, 4 and 5 of an ending diagonal. and waves 2 and 4 of a leading diagonal always subdivide into zigzags.---"Zig zag 3-3-3-3-3 as on chart example"
Wave 2 never goes beyond the start of wave 1.---"check"
Wave 3 always goes beyond the end of wave 1.---"check"
Wave 4 never moves beyond the start of wave 3.---"up next"
Wave 4 always ends within the price territory of wave 1.--"up next"
Going forward in time, a line connecting the ends of waves 2 and 4 converges towards (in the contracting variety) or diverges from (in the expanding variety) a line connecting the ends of waves 1 and 3.
In a leading diagonal, wave 5 always ends beyond the end of wave 3.---"this will play out after Wave 4 is done"
In the contracting variety, wave 3 is always shorter than wave 1, wave 4 is always shorter than wave 2, and wave 5 is always shorter than wave 3.---"looking for this"
In the expanding variety, wave 3 is always longer than wave 1, wave 4 is always longer than wave 2, and wave 5 is always longer than wave 3.
In the expanding variety, wave 5 always ends beyond the end of wave 3.
Guidelines (guidelines can be broken but it’s rare that they are)
Waves 2 and 4 each usually retrace .66 to .81 of the preceding wave.---"check on Wave 2 as 0.66 - Next up Wave 4"
Waves 1, 3, and 5 of a leading diagonal usually subdivide into zigzags but sometimes appear to be impulses.
Within an impulse, if wave 1 is a diagonal triangle, wave 3 is likely to be extended.
Within an impulse, wave 5 is unlikely to be a diagonal triangle if wave 3 is not extended.
In the contracting variety, wave 5 usually ends beyond the end of wave 3. (Failure to do so is called a truncation.)
In the contracting variety, wave 5 usually ends at or slightly beyond a line that connects the ends of waves 1 and 3. (Ending beyond that line is called a throw-over.)---"looking for this"
In the expanding variety, wave 5 usually ends slightly before reaching a line that connects the ends of waves 1 and 3.
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