$EUR Hit Target; Wolfe Profit-Line Pending | $USD #Forex
Friends,
TARGET GOT HIT DEAD-ON; WOLFE 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 Wolfe Waves ("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,
or
2 - Price engages into further declining moves, once it uncoils from the current geometry (Elliott 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.
OVERALL:
As per Model, expect further downside, as long as the current overhead data remains unsurpassed at 1.29757
TARGET GOT HIT DEAD-ON; WOLFE 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 Wolfe Waves ("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,
or
2 - Price engages into further declining moves, once it uncoils from the current geometry (Elliott Waves' Regular Flat, perhaps?), and hits the "Worst-Case Scenario" (see original analysis here:
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.
OVERALL:
As per Model, expect further downside, as long as the current overhead data remains unsurpassed at 1.29757
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