Posted By : Jayred
It is possible the EUR/USD is forming an ending diagonal. Here are two possible count. If the first count is correct and wave 5 of the ED is almost complete than price must not exceed 1.5172, as one of the rules of ending diagonals is that wave 5 must never exceed wave 3 by price.
Ending diagonal are most common during 5th wave extensions, which is the case here, with wave 1 (beginning March \'09) and wave 3 being approximately equal. I think the second count is more likely due to the closer times for corresponding waves. Either way, wave 5 must not exceed wave 3 by price or the ED count is invalid.
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