$NZDCAD | Bearish GEO & Wolfe Wave | Targets Defined
Updated
Hello Traders,
NZDCAD is currently in a strong uptrend with no plans of reversing any time soon. However, looking at the overall structure, we can clearly see a Bearish Geo formation. To define points 5, 5', and 5" I always look for the completion of an AB=CD pattern. This is usually a good indicator or where price will reverse in the GEO'.
The lines in red define the highest probability targets. The darker the color, the higher the probability. The targets defined will also act as a level of reversal for price. The lighter colors indicate the strength of the reversal. The lightest color then, has the highest chance of reversal. Making sense?
The forecast, for now, is bullish.
Stay tuned,
Chartistry
NZDCAD is currently in a strong uptrend with no plans of reversing any time soon. However, looking at the overall structure, we can clearly see a Bearish Geo formation. To define points 5, 5', and 5" I always look for the completion of an AB=CD pattern. This is usually a good indicator or where price will reverse in the GEO'.The lines in red define the highest probability targets. The darker the color, the higher the probability. The targets defined will also act as a level of reversal for price. The lighter colors indicate the strength of the reversal. The lightest color then, has the highest chance of reversal. Making sense?
The forecast, for now, is bullish.
Stay tuned,
Chartistry
Note
Update:Internal Wolfe Wave formed. Although original targets remain in force, do not ignore the development of an internal Wolfe Wave
Note
Yesterday the first target was.Note
hit.Note
UPDATE: Traders,Make note of the Potential Target Before Decline. This area remains a High Probability target, whereas the lower targets are Very High Probability Targets.
I will update this chart once a buy signal comes into play.
Best,
Chartistry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.