It can resolve to the upside (normally morphs into a channel on
upside breaks). However, your labeling is not correct as the count
starts at the beginning point of the pattern. Honestly, it's best
to focus on your triggers for trading and monitor the
pattern.
Leading diagonals are normally followed by a deep retracement
(quick) that establish a higher low and then resume the uptrend.
For now trading remains with the converging
trendlines.
Steve, couldn't the DIA intraday
Posted by frtaylor on 28th of Aug 2015 at 12:22 pm
Steve, couldn't the DIA intraday wedge discussed yesterday be a leading diagonal, as shown in the attached chart?
It can resolve to the
Posted by steve on 28th of Aug 2015 at 12:26 pm
It can resolve to the upside (normally morphs into a channel on upside breaks). However, your labeling is not correct as the count starts at the beginning point of the pattern. Honestly, it's best to focus on your triggers for trading and monitor the pattern.
Leading diagonals are normally followed by a deep retracement (quick) that establish a higher low and then resume the uptrend. For now trading remains with the converging trendlines.
Thanks! I'm not surprised I
Posted by frtaylor on 28th of Aug 2015 at 12:41 pm
Thanks! I'm not surprised I did not label correctly. Haven't read up on drawing, labeling etc. diagonals/wedges.