Chartistry

$EURCAD | Wolfe & Elliot Wave Confluence | Eyes 1.30232

FX:EURCAD   Euro Fx/Canadian Dollar
6 months ago
Hello Traders,

Here is my first published idea using a simple 1-2-3-4-5, A-B-C, Elliot Wave Count in confluence with Wolfe Wave. A couple of things to note here.

1. There are 2 potential Wolfe Wave's in this scenario. As a disclaimer, I want to mention that a Wolfe cannot be properly called a Wolfe until point 4 has been created. At this point these Wolfe's are speculative.

- The first Wolfe is the larger one highlighted in grey. Point 3 has already been created and I'd now be looking for the ever elusive point 4.
-The second Wolfe is the smaller Wolfe between points 3 and a potential point 4. I have used a simple ab=cd pattern to highlight a probable move for points 4 and 5. Once point 5 is created in the smaller Wolfe Wave we will have point 4 of the engulfing Wolfe Wave.
-The internal ab=cd pattern in the smaller Wolfe also sets off the start of the larger ab=cd pattern , points cd, of the engulfing Wolfe Wave. The larger ab=cd pattern points to a key level of support at 1.30232 - 1.30143.

2. Looking at the Elliot Wave Count we have completed a 5 Wave Count and are currently in a corrective structure(internal Wolfe).
-There are 2 degrees I am paying attention to at this point. The smaller degree Wave Count within the parentheses and the larger degree wave count in Roman Numerals.

To keep the chart clean I left out a wave count to a lesser degree but have highlighted it in the photo below.

snapshot

- A typical ABC correction will end at point 2 of the 5th wave. Looking at the internal ab=cd pattern , we have an area of confluence.
-The higher degree Wave Count tells us that Wave I and II have been created. Wave III             (3) is typically the longest and largest move within the 5 Wave Count. Once Wave II has been completed, I would look for a big move down. While the move is taking place I would look for another 1-2-3-4-5 wave count to complete Wave III             .

Summary: I would look at 1.49520~ as an area to enter a short and have an exit target at 1.30232-1.30143. Keep in mind, though, that point 4 is the most difficultly defined point in a Wolfe Wave so it is best to trade your plan and look at a smaller time frame for a more accurate level to enter your trade.

If you find this chart and my analysis helpful please let me know by liking and subscribing. :]

Side Note: If you disagree with the Wave Count shown here please let me know by posting your own. I would love to embrace a different view!

All the best,
Chartistry
5 months ago
Comment: Internal Geo' invalidated. Larger Geo' remains.
3 months ago
Comment: UPDATE: EURCAD completed point 4 of the Geo' as well as an ABC correction and point II of the larger EW count. Look for a big move to the downside.

snapshot
hassan11
6 months ago
DO you still think its gonna go up to point C or its gonna go down?
i really appreciate your helpful ideas.. thank you
Reply
Chartistry PRO hassan11
6 months ago
Hello hassan11, I am still looking for the A-B-C pattern to complete. The internal Wolfe remains murky with no clear point 4. Point's B and C have also not been defined yet. One thing to consider here is that point B will effect where Point C is. That, in turn, will effect where point 4 is in the larger geo, which in turn will effect where the larger AB=CD pattern will end.

To answer your question directly; I am currently looking for point B in the A-B-C pattern. The internal geometry is there to help guide the eye's where the points may end up. For now, it remains to be seen.
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