As we anticipated a 1-4 Line validation following the completion of the Wolfe Waves pattern above, price did fall as expected, but fell below the qualitative target at TG-Lo = 1.28377 - 05 SEP 2014. As we turned to the model for its "Worst-Case Scenario" (i.e.: the outer most bearish value considered), TG-x = 1.26696 - 13 SEP 2014 was defined as such abysmal target.
At this point, same model expect a significant retracement. Consider "1.33307 - 13 SEP 2014" as a possible target, which is an approximation of a Scott Carney's 5-0 pattern completion level.
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
Hi David! I was start counting impulsive move for wave 5, but price overlap subwave 1. Now I think, that IF wave 4 is complete, wave 5 will be ED (will drop with triples). From other side IF wave 4 is not complete now we see running flat, wich is not tipical for wave 4.
4xForecaster
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Niko, the wave count is still good. Sub-wave-1 has not been infringed upon. The retracement does NOT count as a 4th wave retracement - David
IvanLabrie
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Maybe an expanded flat overlapping wave 5 of the last impulse inside that ZZ? I think we're riding a 3rd inside the 5th wave too, but got into the trade using a different methodology that Tim West is teaching me. Interesting to see what you guys think, EW wise.
nikokoev
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Thank you David! Very nice explanation. I was thinking that once price break wave 1 should not touch it. Thanks again!
IvanLabrie
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If it's a wave 1, it shouldn't while running through the impulse...I have a stop in that region, so it better not :p
nikokoev
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I was have sell stop at the break, but I was stop out then, because price reverse.
nikokoev
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Ivan, becareful with stop in this region. IF wave 5 will be Ending Diagonal your stop can be triggered
From Twitter:
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EURUSD nears bearish target @1.24052; Low-prob 50% retracement follows:
via @TradingView | EUR USD #EURO #Forex
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David Alcindor