For the Wave traders out there in my opinion we are in what we call an Expanding Diagonal. For this exact reason I gave this title to the post because Diagonals usually occur at the end of trends and could signal that a reversal is in the making. Of course we also have Leading Diagonals but those occurs less often and after looking at the bigger picture (W TF) it's safe to say that this is an Ending one. Another sign that tells me to stay alert is that if you look at the Weekly TF a Bearish Divergence is forming which is why again a conservative approach is better with this trade. I do have the signals to go long (Double Bottom + Shooting Star at the bottom of the Channel) but I'll be keeping a very close eye on this one all throughout.
