Completed Ending Diagonal On EUR/AUD Completed; More Weakness To Follow

www.investing.com/analysis/completed-ending-diagonal-on-euraud-completed;-more-weakness-to-follow-200168900

By Gregor Horvat | Dec 08, 2016 09:22AM ET

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EUR/AUD

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EUR/AUD's decline from a new spike high at 1.4510 is an early indication that top is in place and that market is headed south. Notice how strong this downward reaction is; it's something you always should expect after an ending diagonal formation.

That said, we think that EUR/AUD is now headed back to the start point of the pattern, to one 1.4130. In the meantime, any upward reaction should be made up off small pullbacks within a bearish leg.

EUR/AUD, 30 Min

EUR/AUD 30 Minute Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.

Basic Ending Diagonal Pattern:

Basic Ending Diagonal Pattern

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Completed Ending Diagonal On EUR/AUD Completed; More Weakness To Follow

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