This will remain a very short post. If you recall, last year, i released a long-term bearish signal, defining one numerical target and one nominal target (see today's dated technical note on "Predictive/Forecasting Model - Definition" in this thread: tradingview.com/v/W4GwjLu0/ for more on the significance of these distinct targets).
This DAILY chart 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: tradingview.com/v/W4GwjLu0/ , where several other charts are being discussed around "Advanced Financial Markets Geometries" topics.
30 AUG 2015 - Chart Update - Looking into finer grain level:
David
IvanLabrie
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Also, looks like a potential 3 drives pattern inside that ending diagonal/falling wedge/wolfe waves pattern:
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?
4xForecaster
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@IvanLabrie - Cognitively speaking, I am probably the most handicapped person on TradingView. I am not able to see past two or three colors, and definitely not able to see through a fireworks of Roman and Arabic numerals ... So, looking into your chart, I can make out the outline of a WW in the floating Roman numerals. The rest is symmetrical projection which may or may not occur - At this point of my trading, I can see ten different ways and justification for price to move in a particular direction and arrive at a specific level, but that is rarely what ends up happening.
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.
David
alex.a
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I thought "I" am the most handicapped person. LoL ~
alex.a
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Avez-vous pas d'accord?
Nick_C_
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this pattern iz decent i guess
4xForecaster
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Yes, the pattern that is being shown is the discovery of Mr. Bill Wolfe. More on this pattern on his page: WolfeWave.com.
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
takefal
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David, exactly what is a "ipsi-directional pattern" ?
David