Mastering Elliott Wave Principle: Elementary Concepts, Wave Patterns, and Practice Exercises
by Constance Brown
Termination Diagonal Triangle Pattern
The Diagonal Triangle you will see most often brings a message of market trend exhaustion. It is running on fumes in the direction of the larger trend. The pattern has a wedge appearance and the internals of these patterns are all corrective patterns building upon one another.
As an example, Figure 4.1 was a Termination Diagonal Triangle that developed in the S&P 500 mini futures contract in a 60-minute time horizon. If your company saves intraday data, you will find this pattern in the data that developed from February 10 to February 22, 2011. Figure 4.1 is a classic example of these patterns, showing you that the resolution is a fast market retracement to the origin of the wedge pattern.
FIGURE 4.1 S&P ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access