Here we have a Wolfe Wave pair similar to CADJPY, we hit point 5 last week and now would be a good time to short this pair using the Wolfe Wave pattern. This cancels out the previous chart I posted on CHFJPY(linked below).
Hello @Avengedh92, I wouldn't know how to find the top of point 5. A tool I use to help me know where price might end up is a simple ab=cd pattern. I use point 2-3 as my original line. I clone it to get the exact line and then I place it on point 4. This usually gives me an accurate read of where price will end up.
However, there have been instances where the fib levels of the cd line will act as resistance. Take a look at the example below.
It is up to your trading plan to determine where you are entering your trade. A word of advice from Mr. Wolfe is to enter somewhere in between point 5 and the 2-4 line attached to point 3. He calls this the "sweet spot." I'm sure he has a more accurate way of entering his trades but I have never taken his course so I cannot comment on how you should trade this pattern.