This will remain a very short post. If you recall, last year, i released a long-term signal, defining one numerical target and one nominal target (see today's dated technical note on "Predictive/Forecasting Model - Definition" in this thread: for more on the significance of these distinct targets).
This shows older targets, as well as a new completed geometry at Point-5, which represents a solid floor.
Internal to that geometry, there are two dotted lines, each representing a projected connection between Points 1 and 4 (in the larger geometry), as well as a similar 1-4 Line projection off of an ipsi-directional pattern not shown at this scale that exists at the H4 level.
There is yet another same pattern at the H1, which is also not shown, but that would justify an interim decline to the approximate price level shown by the dashed orange arrow.
I would simply let the smaller, internal geometries complete for the time being.
Although the frame by frame updates will continue to be posted on this thread, I will add more technical comments on this: , where several other charts are being discussed around "Advanced Financial Markets Geometries" topics.
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Please, accept my apologies if I was misunderstood. I should have explained this a bit better - Still. I will erase this and above related comments, simply to keep this on point and pertinent to the community.
In all my past and present efforts, all I seek is to avoid any personal directional belief, opinion, or sentiment, and only post the objective data resulting from my algorithm, the "Predictive/Forecasting Model". Junior traders and those that are still considering trading are likely to be stepping into a storm of misinformation, usurped ideas and misconstrued concepts. It is with them in mind, as I once was a long time ago, that I keep this and other educational thread streamlined, clear and concise in the best of my abilities, while opening the floor to questions, propositions and challenges that may further the understanding and curiosity into the large spectrum of technical analysis, not only for the edifying purpose of the novice, but my own as well.
In practical terms, the overall goal of this thread, and most of my general participation as a trader, moderator, and at times instructor, is at a minimum to promote sharing ideas that give others an incremental trading advantage, while eclipsing one's own need of personal advancement.
Trading opens the door wide to egos, and close the eyes shut to the mind, but that would be antithesis of my purpose throughout TradingView. Part of everyone's trading lesson is to stop trading first and gauge one's own emotional account, limit his sentimental assets and expose only enough fear of the unknown and greed for knowledge so as to remain one day more in the trade.
I would say this, as mentioned before: The Wolfe Wave ("WW") pattern is one that any trader should be able to trade without the use of any other pattern, strategy or methodology, and successfully trade for a living from it - David
I defined a strong support using time at mode, at the level represented by the dashed line, which lines up nicely with this idea.
Potential s/r levels are represented by the horizontal lines.
My idea is that this move is an ABC zigzag in a monthly scale.
Target is ultimately 1:1 with the first swing up before the flat correction (which is the B wave containing a C wave in the shape of an ending diagonal in my opinion).
What do you think?
For this reason and outside of my predictive/forecasting model, I have tended to turn to patterns that clearly demonstrate a true intention. The risk of believing in geometry is that it is too often true, except at that time when the stakes are real and high.
Instead, what the mind needs to be able to sleep overnight when a trade unfolds is neither profits nor safety, but consistency from which to guarantee these two. I have the guarantee that symmetrical AB=CD patterns, as well as 3-Drives do exist, but the market will never tell me ahead of time through these simple patterns whether that is its ultimate intention to lay down that geometric path along which price will tread.
What the market might allow me to do is to lay down the 10,000 pieces of puzzles to let me fabricate a probable pattern ahead of me. But that is not the interest in trading, or it should not be that interesting to anyone to foretell the market. What should be interesting, I believe, is to use a pattern that foretells the moves which the market itself would not divulge: I would look for a friendly pattern, a price hound, a target-teller, a beacon in the sea of geometric debris.