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What Is a Wave 5 Extension? When both Wave 1 and Wave 3 have moved in a fairly standard fashion, traders often expect Wave 5 to be where we see the extension. Wave 5 extensions in commodities occur when the final leg of a price movement stretches out longer than anticipated. These tend to happen because momentum lags, but optimism still remains high, particularly...

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Let’s first define what Wave 5 is to assess whether we’re still in one. Personality Wave 5 is generally less dynamic than Wave 3 in terms of breadth. As Wave 5 progresses, optimism runs extremely high despite the narrowing of participation. The retail public becomes increasingly interested, fueling this final leg higher. Signs of an optimistic herd mentality...

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I’m really curious to see how the NASDAQ will unfold in the coming weeks. The bull market and dip buyers seem more resilient than ever, despite significant divergences between market performance and the broader economy. The big question is: Are we still riding a Wave 5, or is this all just a trap waiting to unfold? What’s even more interesting is that both the...

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Ending Diagonal Overview An Ending Diagonal is a pattern that signifies the exhaustion of a larger movement. It occurs at the final stages of a trend, either at the end of a five-wave impulse or at the end of an A-B-C corrective structure. Typically, ending diagonals take longer to unfold compared to standard impulses, indicating a slowdown and an imminent trend...