Below is an attachment of USDCAD Line note I posted earlier. There you’ll see clearly that the price was situated at the previous support Level.
Currently the price began a side up walk in a two converge line as you can see the trace; LEADING DIAGONAL TRIANGLE
A Leading Diagonal Triangle(LDT) is a motive wave that is not IMPULSE as described by Elliott, unlike an impulse which is a five wave movement that doesn’t contains price overlap whereas the correction waves enters the price territory of the opposition, LDT contain price overlap and if not carefully observing it can be mistaken to be a correction pattern.
A LDT can be a beginning of an uptrend but in a weakened state of the market which caused the price LDT instead an impulse ; this is a clear sign the previous trend isn’t rolled’ over yet that is why LDT is often followed by a sharp correction pattern can be zigzag but will not be over where LDT price started.
Currently the price began a side up walk in a two converge line as you can see the trace; LEADING DIAGONAL TRIANGLE
A Leading Diagonal Triangle(LDT) is a motive wave that is not IMPULSE as described by Elliott, unlike an impulse which is a five wave movement that doesn’t contains price overlap whereas the correction waves enters the price territory of the opposition, LDT contain price overlap and if not carefully observing it can be mistaken to be a correction pattern.
A LDT can be a beginning of an uptrend but in a weakened state of the market which caused the price LDT instead an impulse ; this is a clear sign the previous trend isn’t rolled’ over yet that is why LDT is often followed by a sharp correction pattern can be zigzag but will not be over where LDT price started.
