Hello Traders,
NZDUSD has created points 1,2,3,4, and is now looking to complete points 5 and 5' of this bearish Wolfe Wave.
One indicator I use to know if a Wolfe is complete is the use of ab=cd.
ab is the move from point 2-3. ab=cd, therefore you must clone the ab line and place it on point 4. The completion of this move points to 0.73744.
The Geo' in this case would be completed at 5'(5 prime). Following Geo's Off-Set Rule I would be looking for a completion at point 4, 0.66750.
Best,
Chartistry
NZDUSD has created points 1,2,3,4, and is now looking to complete points 5 and 5' of this bearish Wolfe Wave.
One indicator I use to know if a Wolfe is complete is the use of ab=cd.
ab is the move from point 2-3. ab=cd, therefore you must clone the ab line and place it on point 4. The completion of this move points to 0.73744.
The Geo' in this case would be completed at 5'(5 prime). Following Geo's Off-Set Rule I would be looking for a completion at point 4, 0.66750.
Best,
Chartistry
Note
UPDATE:1hrGeo' completion at 5' Geo's Off-Set Rule #2 at point 4 as a target. Also consider larger Geo' in original post.
Note
UPDATE: Look for a big move down starting next week.Note
UPDATE: Geo and AB=CD pattern complete. Now looking at Geo's Off-Set rule as a target.Note
Next week can be the start of Wave 3 of an Elliot Wave Impulse move to the downside. The red arrows in no way represent the trajectory of the Impulse Wave. It is simply a visual.
Geo's Off-Set rule remains in force.
Best,
Sirak
Note
Update: Geo's Off-Set Rule still remains as the highest probablity target. Expect a down move in an impulse wave fashion.Note
UPDATE: Anyone in a short position, be weary of this Wolfe Wave pointing in the opposite direction.Best,
Chartistry
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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.