GWaves

$EURNZD | Bearish Wolfe Wave Near Completion | Targets Defined

FX:EURNZD   Euro Fx/New Zealand Dollar
172 3 5
Hello Traders,

EURNZD             has created points 1, 2, 3, 4, and is now on its way to create point 5. The targets defined give us a better understanding of where this Wolfe Wave will start its path to the potential 1-4 target line. Although the targets defined are BULLISH this pair remains BEARISH in the higher time frame (see related post).

As always, the darker red gives a higher probability target and lesser chance of reversal while the lighter red gives us a lower probability target with a higher chance of reversal. Both targets are likely to be reached.

If price is able to reach 5' or 5" I will consider Geo's Off-Set Rule as defined by David Alcindor (4xForecaster)

Point 5 = 1-4 Target Line
Point 5' = Geo's Off-Set Rule at point 4
Point 5" = Geo's Off-Set Rule at point 3

Song
Silencio Do Amor - Luiz Bonfa
https://www.youtube.com/watch?v=tTTEPodPlHA

This Bossa Nova track is great to listen while trading, keeps you cool, calm, and collected.

Best,
Chartistry
Comment: Update: Both targets remain in tact and in force.

snapshot
Comment:
snapshot


Target Hit, Dead On.
Comment: UPDATE: There is a Wolfe Wave pointing in the opposite direction. If in a short, be aware of the potential move up.

snapshot


Best,
Chartistry
Thanks Chartistry, nice chart. I think I'm now somewhat getting an understanding of WW (I started with the public pdf, one of the members here shared). However, references to Geo Off-Sets make me puzzled. Any suggestion where I can study that?

Also, could you please elaborate on why tagging of the upper border of the wedge around 1.555 area is not yet considered to be the point 5 of WW? That would have been my default logic...
+1 Reply
GWaves PRO VirtualFax
Hello @VirtualFax,

Geo's Off-Set rules were found by David Alcindor. He found that often times the WW did not reach it's projected 1-4 line. Instead, he found that the highest excursion of price determined what the highest probability target would be. The lines you see on point 3 and point 1 are there to show you 5'(5 prime) and 5"(5 double-prime). The image below better demonstrates what I am referring to. These are just the basic rules of the Geo. There are several internal factors that differentiate the Geo from the WW. You can find them on my page or David Alcindor's(4xforecasters) page spread throughout all of our posts.

snapshot


I did not register the recent high as point 5 because it did not touch the trend line, (although it looks like it did in my chart). Regardless, there is still more room for upside and it looks like point 5 may not have relevance in the end result of this chart.

Is this making sense?

Best,
Chartistry

Reference to 4xforecaster's page: https://www.tradingview.com/u/4xForecaster/
Reply
Thanks, Chartistry. Appreciate the effort to respond.
Reply
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