Chartistry
Short

$CADJPY Smaller Wolfe Wave Nears Completion at Point 5

FX:CADJPY   Canadian Dollar/Japanese Yen
7 months ago
Hello Traders,

Here is a bearish Wolfe Wave forming. This is a smaller time frame Wolfe than the larger one I have linked below and also highlighted in grey. This could potentially cancel out the larger frame Wolfe. If the larger time frame Wolfe completes at Geo"s Off-Set rule we could have a Wolfe Wave completion at 5" for the smaller Wave. It will be interesting to see how this plays out.

Side Note - The dotted orange line represents an invalidation line, something I picked up from 4xforecaster. In order to know when the projected Wolfe is invalidated, one must take the parallel of the 1-3 and place on the current point 4. If price surpasses this line, then the current Wolfe Wave is invalidated. You can view more cool lessons from 4xforecaster here: https://www.tradingview.com/u/4xForecaster/

Best,
Chartistry
7 months ago
Comment:
snapshot


Acting as forecasted. Will update this chart once point 5 is hit.
7 months ago
Trade active:
snapshot


Short position active. Point 5 reached.
7 months ago
Trade closed manually: More room for upside, I'd be looking for 5' and even 5" as area's to short. Updates to come.
7 months ago
Comment:
snapshot


5' hit and reacted. Now looking for an opportunity to short. Will stay up to date with this one.
7 months ago
Trade active
5 months ago
Trade closed: target reached
ChimbOt PRO
7 months ago
I beg to differ on this one
CADJPY dont miss it
Reply
Chartistry PRO ChimbOt
7 months ago
Hi @ChimbOt, on a smaller time frame that very well could be the case. However, I do not have a particular direction set on this pair until this final Wolfe is completed/invalidated. It will be interesting to see what happens with this geo
Reply
JDiggs Chartistry
7 months ago
To reply on @ChimbOt, it hit point 5 and actually completed the smaller Wolfe and cancelling the larger Wolfe. Making it a good time to short or long?
Reply
Chartistry PRO JDiggs
7 months ago
Hi @JDiggs, I am currently in a short but will quickly close my short if the market continues to move upward. We could have a 5" scenario here where the larger Wolfe completes it's Geo Off-Set rule at point 4(green line). If that scenario plays out then we will look at point 3 of the smaller Wolfe as a high probability target.
Reply
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