Here we have 3 Wave's(WW)
WW #1 - In the grey dotted line. This WW is near it's target at #1 Geo Off-Set Rule at point 4. The Geo Off-Set Rule here plays a role in the next 2 WW's.
WW #2 - In blue dashed lines. This WW is internal to both the first and third(in purple) WW's. The Geo Off-Set Rule in the first WW act's as a point of reversal for the internal WW which created a 5" (5 double prime) structure. 5" calls for a Geo Off-Set at point 3. Represented as #2 Geo Off-Set Rule. This second Geo plays a role in the third WW as well.
WW #3 - In purple solid line. This WW formed as price was making its way towards the #1 Geo Off-Set Rule of the first WW. The first Geo will act as point 3 of this third WW. When this target hits, ideally price will hit point 3 of the internal WW and give us point 4 of the third WW. The dashed purple line represents how I see this structure forming.
This is an observation of the and the Geo Off-Set Rule. I would be interested to see how the structure forms.
If you agree with this idea please like and follow for more interesting observations. :-}
Please keep in mind that the third Wolfe Wave in purple is speculative. The current points of 3 and 4 will likely change and until point 4 is created there will not be a clear third Wolfe Wave on this chart. Once we have point 4 I will post an updated version of this chart.
Geo's Off-Set Rule target hit at point 3. Now I will be looking for point 4.
Day closed with a bearish pin bar. Could be sign of a reversal. Stay tuned...
Wolfe Wave Complete
The ab=cd pattern was stopped short at 0.382(0.618 inverse) Target is the 1-4 line.
Currently, I am looking for a limited rally followed by a new low. This new low will give us the completion of an AB=CD pattern. Following the completion of the AB=CD pattern, expect for a strong market reversal and have your eyes set on Geo's Off-Set Rule #2 at point 4.
Thank you all for you continued support,
Those of you following this chart have seen how multiple Geo's and Wolfe Wave's allowed me to predict which direction price would go just by looking at price structure.
Following the AB=CD pattern between point 2-3 and 4-5 we find price resting at 0.114. This area, most often, acts as a failure point for an AB=CD pattern. At the very least, it is an early entry to the AB=CD pattern. It would be interesting to see if price made a move up from here.