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$EURCAD | Wolfe & Elliot Wave Confluence | Eyes 1.30232Hello Traders, Here is my first published idea using a simple 1-2-3-4-5, A-B-C, Elliot Wave Count in confluence with Wolfe Wave. A couple of things to note here. 1. There are 2 potential Wolfe Wave's in this scenario. As a disclaimer, I want to mention that a Wolfe cannot be properly called a Wolfe until point 4 has been created. At this point these Wolfe's are speculative. - The first Wolfe is the larger one highlighted in grey. Point 3 has already been created and I'd now be looking for the ever elusive point 4. -The second Wolfe is the smaller Wolfe between points 3 and a potential point 4. I have used a simple ab=cd pattern to highlight a probable move for points 4 and 5. Once point 5 is created in the smaller Wolfe Wave we will have point 4 of the engulfing Wolfe Wave. -The internal ab=cd pattern in the smaller Wolfe also sets off the start of the larger ab=cd pattern, points cd, of the engulfing Wolfe Wave. The larger ab=cd pattern points to a key level of support at 1.30232 - 1.30143. 2. Looking at the Elliot Wave Count we have completed a 5 Wave Count and are currently in a corrective structure(internal Wolfe). -There are 2 degrees I am paying attention to at this point. The smaller degree Wave Count within the parentheses and the larger degree wave count in Roman Numerals. To keep the chart clean I left out a wave count to a lesser degree but have highlighted it in the photo below. - A typical ABC correction will end at point 2 of the 5th wave. Looking at the internal ab=cd pattern, we have an area of confluence. -The higher degree Wave Count tells us that Wave I and II have been created. Wave III(3) is typically the longest and largest move within the 5 Wave Count. Once Wave II has been completed, I would look for a big move down. While the move is taking place I would look for another 1-2-3-4-5 wave count to complete Wave III. Summary: I would look at 1.49520~ as an area to enter a short and have an exit target at 1.30232-1.30143. Keep in mind, though, that point 4 is the most difficultly defined point in a Wolfe Wave so it is best to trade your plan and look at a smaller time frame for a more accurate level to enter your trade. If you find this chart and my analysis helpful please let me know by liking and subscribing. :] Side Note: If you disagree with the Wave Count shown here please let me know by posting your own. I would love to embrace a different view! All the best, Chartistry
by GWaves
2
$AUDCAD | Prospective GEO and Wolfe Wave | Targets DefinedHello Traders, Here I am attempting to define points 4 and 5(5') in this prospective Geometry'. My target for point 4(T1) is at 0.94126. Once this target is reached, I will be looking for a completion of an AB=CD pattern at 0.96754(T2). This will in turn prompt a reversal to 0.94126. Depending on when the target is hit, we will either get a target at Geo's Off-Set Rule(T1 0.94126) if the 5' line is hit or a completion of the Wolfe Wave at the 1-4 line. The 1-4 line is not defined yet since we have not created point 4. Stay tuned. Best, Chartistry
by GWaves
Corrective pattern -- still preparing for a long moveThe main takeaway of this 4 hour chart is that the pattern is corrective. I have it as a WXY pattern, with one more low to come. The most recent low at 1.43x is only 3 waves up, so either it is finished and we head down, or we have one more gyration for another 3 up. That will resemble the last upward gyration (X), heading towards the upper trend line--1.46x--then down to complete (Y). Once this pattern is completed, I see the pair moving up towards the 50 - 61.8% retracement of the whole 5 down -- basically a thousand pip move north from 1.42x to 1.52x region.
Long
by ezodisy
1