TARGET GOT HIT DEAD-ON; AWAITS VALIDATION:
Overnight, price fell further hitting the Qual-Target dead-on at the tip of its bar, and then receding back into the overhead geometry.
However, the dominant geometry in the field remains an unanswered ("WW"), with its 1-4 Profit Line extending its arm, waiting for validation - Whether this could occur or not remains secondary though, since the Predictive/Forecasting Model was able to preempt a profitable price action.
TWO POSSIBLE SCENARIOS:
At this point we are looking at two possible scenarios.:
1 - One in which a reactive rally occurs, and price retraces 50% of the prior swing low,
2 - Price engages into further declining moves, once it uncoils from the current geometry ( Waves' Regular Flat, perhaps?), and hits the "Worst-Case Scenario" (see original analysis here: ) Line at 1.26696, and WW's 1-4 Line, before retracing 50%.
PREDICTIVE/FORECASTING MODEL INDICATES FURTHER DOWNSIDE:
Of the TWO scenarios considered, Predictive/Forecasting Model indicates that current price action is not likely to rally further than 1.29757, and that further downside is expected.
This would effectively carve out a cluster from which, departure would likely bring price towards TG-x = 1.26696. However, the placement of this line precedes that of the 1-4 Line, therefore, it will be a matter of Model vs. Pattern as to whether price should decide to carve further downside and validate the WW's 1-4 Profit Line.
As per Model, expect further downside, as long as the current overhead data remains unsurpassed at 1.29757
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From Predictive Analysis & Forecasting Chat Room - Link: https://www.tradingview.com/chat/#5eHLst6YxeVqGlaO
"Look for a conclusive completion of a WW or EW's Ending Triangle.
Internals from this DAILY would be best resolved using a H4 level.
The last IMP move (long, deep verticla bar before the highlighted circle) would represent a tipping end for a Wave-3. So, let Wave-4 and Wave-5 develop FIRST AND FOREMOST before starting plotting a WW or EW's Ending Triangle.
This would help you avoid chasing a geometric pattern all the way down to TG-x = 1.26696, IF price was to ever visit this level.
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EURO and Gold have a shared correlation with US Dollar. A rise in the USD will carry both Gold and $EUR in the same direction to one another, as they both move opposite to USD.
... Indeed, price keeps on creeping down. Nice chart. Wondering what the focal point is (origination of all the lime-green lines).
The green lines were just there to show the decreasing slope of last crashes to estimate the slope of the next (current) crash.
The crashes seem to happen kind of cyclic.
The main idea though was the rising wedge. many people don't even bother looking for longterm paterns like this.
How low do you think will it drop ?