A Wolve Wave Reversal Signal At 5-Prime? | $CAD $CHF #forex
Friends,
On August 22nd, I started to post a few charts on the "Predictive Analysis & Forecasting Room" within Tradingview.com, to share some of the patterns and trading opportunities I follow across Forex pairs, metals and indices - Here is a link that reviews recent entries: www.tradingview.com/chat/ .
In essence, $CADCHF started out to produce bearish signals on the predictive/forecasting model I use to screen potential plays. I often use a multi-overlay approach using either standard patterns (typically, Bat, Shark and 5-0 patterns), or proprietary patterns (Euclid, Janus, Great White or Deep Shark) - Most recently, I decided to look into basic Elliott Wave cycles, as well as alternate Elliott Wave plotting methodology (look into our recent discussion on T.S. Hennessy, if you are interested in much simpler wave count methodology with a good predictive outcome).
At this point of the Wolfe Waves development, I would look for a BACA < 1-3-5 Line (BACA stands for a Breaking Across, AND Closing Across, something that Buboo Bains on Facebook's Giraffe Room came up with - The greater-than/lower-than sign is directional).
At the time of this writing, price has rolled as expected per this pattern's anticipated behavior. The chart demonstrates an entry level at 0.83262 at Point-5, which is soon to be re-visited.
Other features of the chart are two distinct, abysmal targets, which have been defined by the predictive/forecasting model, namely:
1 - TG-1 = 0.81731 - 18 AUG 2014
and
2 - TG-Lo = 0.81113 - 18 AUG 2014
Each target is colored-defined as YELLOW to reflect a moderate probability of getting hit, and RED as lower probability of getting hit. TG-1 is a quantitative (i.e.: numerical) target as opposed to TG-Lo (qualitative target), to reflect that TG-1 will likely act as a new and significant R/S level for this coming and future price action, while the TG-Lo will act as a probable reversal level - This is how precise the model has been with prior predictions (i.e.: defining direction and its strength) and forecasting (i.e.: defining R/S and target levels).
If interested in Wolfe Waves patterns ("WW"), I recommend that you query this advanced market geometric pattern and read up on your own, although I remain very much available to offer some clarification wherever need be.
Simply note that WW have a much more aqueous envelope (i.e.: outer points in X, A, C and D) than the rigid Gartley, Bat or Butterfly (whose A-B-C cores are the variables based on their B's variable positioning). By virtue of its ability to expand from a mere 1-2-4-5 envelope, the various offered through Points 5-prime and 5-second via the hinging action at Point-3 and Point-1, respectively, makes this a quite intriguing, advanced patterns.
Now, let's see if BACA < 1-3-5 is really occurring, or we are simply being lured into a fake pattern.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
-------------------
Twitter: @4xForecaster
-------------------
On August 22nd, I started to post a few charts on the "Predictive Analysis & Forecasting Room" within Tradingview.com, to share some of the patterns and trading opportunities I follow across Forex pairs, metals and indices - Here is a link that reviews recent entries: www.tradingview.com/chat/ .
In essence, $CADCHF started out to produce bearish signals on the predictive/forecasting model I use to screen potential plays. I often use a multi-overlay approach using either standard patterns (typically, Bat, Shark and 5-0 patterns), or proprietary patterns (Euclid, Janus, Great White or Deep Shark) - Most recently, I decided to look into basic Elliott Wave cycles, as well as alternate Elliott Wave plotting methodology (look into our recent discussion on T.S. Hennessy, if you are interested in much simpler wave count methodology with a good predictive outcome).
At this point of the Wolfe Waves development, I would look for a BACA < 1-3-5 Line (BACA stands for a Breaking Across, AND Closing Across, something that Buboo Bains on Facebook's Giraffe Room came up with - The greater-than/lower-than sign is directional).
At the time of this writing, price has rolled as expected per this pattern's anticipated behavior. The chart demonstrates an entry level at 0.83262 at Point-5, which is soon to be re-visited.
Other features of the chart are two distinct, abysmal targets, which have been defined by the predictive/forecasting model, namely:
1 - TG-1 = 0.81731 - 18 AUG 2014
and
2 - TG-Lo = 0.81113 - 18 AUG 2014
Each target is colored-defined as YELLOW to reflect a moderate probability of getting hit, and RED as lower probability of getting hit. TG-1 is a quantitative (i.e.: numerical) target as opposed to TG-Lo (qualitative target), to reflect that TG-1 will likely act as a new and significant R/S level for this coming and future price action, while the TG-Lo will act as a probable reversal level - This is how precise the model has been with prior predictions (i.e.: defining direction and its strength) and forecasting (i.e.: defining R/S and target levels).
If interested in Wolfe Waves patterns ("WW"), I recommend that you query this advanced market geometric pattern and read up on your own, although I remain very much available to offer some clarification wherever need be.
Simply note that WW have a much more aqueous envelope (i.e.: outer points in X, A, C and D) than the rigid Gartley, Bat or Butterfly (whose A-B-C cores are the variables based on their B's variable positioning). By virtue of its ability to expand from a mere 1-2-4-5 envelope, the various offered through Points 5-prime and 5-second via the hinging action at Point-3 and Point-1, respectively, makes this a quite intriguing, advanced patterns.
Now, let's see if BACA < 1-3-5 is really occurring, or we are simply being lured into a fake pattern.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
-------------------
Twitter: @4xForecaster
-------------------