$CADJPY Smaller Wolfe Wave Nears Completion at Point 5

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: www.tradingview.com/u/4xForecaster/

Best,
Chartistry

Comment:

Acting as forecasted. Will update this chart once point 5 is hit.

Trade active:

Short position active. Point 5 reached.

Trade closed manually:

More room for upside, I'd be looking for 5' and even 5" as area's to short. Updates to come.

Comment:

5' hit and reacted. Now looking for an opportunity to short. Will stay up to date with this one.

Trade active

Trade closed: target reached