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: tradingview.com/u/4xForecaster/
Best, Chartistry
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Acting as forecasted. Will update this chart once point 5 is hit.
Trade active
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Short position active. Point 5 reached.
Trade closed manually
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More room for upside, I'd be looking for 5' and even 5" as area's to short. Updates to come.
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5' hit and reacted. Now looking for an opportunity to short. Will stay up to date with this one.
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
JDiggs
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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?
GWaves
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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.