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EW Lesson: Motive Waves - Diagonals
Diagonals are wedge shaped motive waves usually occurring at the end of larger trends, i.e. in the fifth wave, and in these cases are referred to as ending diagonals. They could also appear in C waves of corrective structures such as zig-zags or flats. Diagonals are less ”predictive” than impulses.
They are characterized with overlapping waves such that the end of the fourth wave enters the territory of the first wave, or, equivalently, Waves 1 and 5 overlap, unlike in impulses, although exceptions to this rule were observed.
The figure below shows examples of ending diagonals in an uptrend with contracting and expanding trendlines. In a downtrend you can visualize just flipping the images upside-down.
All sub-waves of ending diagonals are zig-zags (A-B-C), and they are usually referred to 3-3-3-3-3 structures while impulses have 5-3-5-3-5 structure.
There is usually a throw-over, i.e. a brief spike over the upper trendline in the fifth wave of a diagonal. After completion, there is typically a quick reversal toward the origin of the diagonal.
Diagonals could also occur in leading sub-waves in a motive wave such as wave 1 of an impulse or wave A of a zig-zag.
Leading diagonals occur less often. The only difference relative to ending diagonals is that leading diagonals can also have 5-3-5-3-5 structure, i.e. the sub-waves 1,3, and 5 can have five sub-waves.
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Apple’s Stock Valuation
In terms of Price/Sales Ratio, AAPL is most overvalued in its history.
No wonder Warren Buffett was selling much of Berkshire Hataway’s holdings of AAPL.
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A few days ago, the overconfidence indicator for Bitcoin entered a dangerous territory. It is possibly even higher now.
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