Thread by @GhoshSubhag

Good work done by @SumaneyaR, publishing his contribution to #elliottwave

This is the educational post regarding the types of diagonal patterns-

SUMMARY:

LEADING DIAGONAL
ENDING DIAGONAL

LEADING DIAGONAL

Always form in the inner wave of wave (1), so one can expect waves (2,3,4 & 5) within the main impulse wave to complete the pattern.

PATTERN:
1- Comprises of (5-3-5-3-5 (inner waves)) or (3-3-3-3-3) (inner waves)

2- wave (4) always overlaps wave (1), but can't go beyond the origin of wave (1)
3- wave (3) > wave (1) & wave (5) could be >than wave(1)
4- wave (3) max projection 161.8% (fib ratio) and it can't be the shortest wave among all waves
5- wave (5) can't truncate

6- wave (5) max projection 61.% of wave (1) and wave (3), but can't go beyond line joining wave (1) and wave (3)
7- LD can either be expanding(ED), converging (CD) or parallel wedge

Wait for the formation of LD and enter after completion of wave (2) after completion of LD.

ENDING DIAGONAL

Always form in an inner wave of wave 5 of any impulse. Whenever you are observing, something like ED, one should make sure wave (1), wave (2), wave (3), and wave (4) have been completed so far.

PATTERN
1- Inner structure (3-3-3-3-3) (5 sub-waves in total)
2- wave (1), (2) &(3) are always a simple zig-zag
3- wave (2) & (4)could be anything within (a-b-c) pattern
4- Here also, wave (1) and wave (4) overlap as of LD
5- Wave (3) can't go beyond 161.8% (fib level), as of LD

6- wave (5)can be > = 61.8% of wave (1) and (3) but can't go beyond line joining wave (1) and wave (3)

To enter in this pattern one should wait for the complete formation of ED and enter after completion of wave (5) after completion of ED !