Following is a TENTATIVE delineation of a (always take your lessons from the author, so best if you looked into Mr. Bill Wolfe's http://www.WolfeWave.com site). As usual, what I define in geometry is simply background visual support to the Predictive/Forecasting Model, which stands at the foreground. The Model is defining a probable target, as follows:
TG-Lo = 104.785 - 02 JUN 2015
Hence, the geometry is simply an overlay to give a rationale to the Model, using what I believe to be the most consistent methodology offered through . Although I have not received any lessons from Mr. Bill or his site, I have looked into the Wave's pattern through the "eyes" of a distinct approach, which makes the analysis no greater or lesser than the lessons one should seek from Mr. Bill , who warns his students to beware of any interpretations, such as mine.
Looking at the larger ("WW"), you will appreciate that this is simply a at first sight. However, there are other subtleties that WW rests upon. What I have further developed in my own interpretation of the WW would be referred to as the "Geo", based on internal geometries which Mr. Bill has discarded as irrelevant, believing that his WW stands independent of any Fibonacci values, internal geometries or constructs - This is something I have come to disagree, especially when using my Predictive/Forecasting Model as a guiding hand.
Feel free to peruse other examples where I have emphasized these differences, wherein Fibonacci values, internal geometries or constructs have clearly aided in defining the geometric points (1, 2, 3, 4 and 5) of the core pattern. In any case, I recommend that you peruse Mr. Bill site (www.WolfeWave.com) to appreciate the basic construction of the WW.
Predictive Analysis & Forecasting
Durango, Colorado - USA
Price remains intent on bearish tack, carving out lower-lows:
As per forecast, price continues to decline. Original forecast eyeing 104.785 from last June 2015 remains distant but in force, whereas more proximal targets are nearing completion ... Interim reactive rally is expected to be limited, and any new structural low will only invigorate bears' strength ... Bearish outlook at the L/T level:
Price remains bearish, with targets intact and in force:
Price hit the first of two Quant-Targets defined last July 2015, so expect a limited upside retracement here - Highlighted is the upper border of a bearish channel, which is likely to lend resistance:
Two important technical notes:
1 - A break above that channel upper border should keep bears on their guard, as this border line would be well used as a dynamic Stop-Loss.
2 - I have added a Qual-Target today as TG-Lox = 96.812 - While the more proximal TG-Lo = 104.785 defined last June 2015 remains intact, the Predictive/Forecasting Model suggests a probable attainment into the depth defined by TG-Lox.
Price continues to carve lower-lows. Chance of a significant retracement diminishes, whereas bearish targets per Predictive/Forecasting Model remain intact and in force:
As forecast, price rallied; Now faces structural resistance (129.667/130.285 range) as illustrated in the following chart:
Predominant trend remains BEARISH with Quant-Target TG-2 = 119.455 (defined 15 JUL 2015) and Qual-Targets TG-Lo = 104.785 (defined 02 JUN 2015) and TG-Lox = 96.812 (defined 25 FEB 2016) remaining pending.
David Alcindor, CMT Affiliate
Feel free to Google "transmural 4xForecaster" for more examples on this concept ... It's really a VERY simple one that works quite consistently for counter-trend traders.
Watch for this possible pathway:
1 - Two numerical targets are probable levels of support standing against further decline to TG-Lo
2 - Point-4 offers a level of resistance on the top-side of the range (range being the space comprised between Point-4 and TG-1
3 - Bears remain in charge; Predictive Model remains intent on TG-Lo
Understandably, this is a L/T chart (weekly), but the Model remains sensitive to its own coordinates, regardless of time and volume.