Hello Traders,
I first want to point out that the Wolfe/Geo' in this chart remains purely speculative. One cannot predict a Wolfe/Geo' forming unless points 1-2-3 and 4 have been created.
Here are the reasons I have put a potential outline for this WW.
1. To the left of the chart is a completed ab=cd pattern. Notice how point 'a' is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW.
2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern.
The rest of the WW/Geo' remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well. Once this level is reached I will look for a potential RETRACEMENT in price. I say retracement because that is what will define point 4. After point 4 of course is point 5, which is also define by an even larger AB=CD pattern.
Where will that pattern point to?
That remains to be seen.
Best,
Chartistry
I first want to point out that the Wolfe/Geo' in this chart remains purely speculative. One cannot predict a Wolfe/Geo' forming unless points 1-2-3 and 4 have been created.
Here are the reasons I have put a potential outline for this WW.
1. To the left of the chart is a completed ab=cd pattern. Notice how point 'a' is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW.
2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern.
The rest of the WW/Geo' remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well. Once this level is reached I will look for a potential RETRACEMENT in price. I say retracement because that is what will define point 4. After point 4 of course is point 5, which is also define by an even larger AB=CD pattern.
Where will that pattern point to?
That remains to be seen.
Best,
Chartistry
Note
UPDATE: Price remains tethered to dashed line as the first target hit at 1.29276. 133346 remains a high probability target.Also, pay attention to the background geometry, the current move is an internal ab=cd pattern to the larger CD leg of the AB=CD pattern.
Note
Update:Price carved a lower low then I had anticipated. The highest probability target now stands at 1.32399.
Also Pay attention to the Geo' on the left. A chart I posted in April.
In conclusion, I expect Geo's Off-Set rule to hit as well as the target defined in this update.
Best,
Chartistry
Note
UPDATE: TARGET HIT
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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.