$GBPCAD Bullish Wolfe Wave: Hourly Timeframe

FX:GBPCAD   British Pound / Canadian Dollar
Hello Traders,

If you've followed my charts you know that I post most daily charts and four hour charts. This week I will look for set ups within the hourly time frame to better demonstrate the Wolfe Wave .
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Looking at the 4 hour time frame, we have a larger, engulfing, Wolfe Wave. High probability move in play.

Point 5 hit on larger Wolfe Wave. Adding to position.
And we would take the smaller bullish Wolfe Wave points 4 and 3? And those points come out horizontally from 4 and 3, right?
Correct, the target for 5' is found by taking a horizontal line and placing it on point 4. 5" is found by taking a horizontal line and placing it on point 3.
What were we looking for on this? Did we want to hit the 1-4 line? Or was it our intention for it to hit the intersection of the 5?
Hi JDiggs, the goal of the Wolfe Wave is to hit the 1-4 line.

If 5'(5 prime) is hit we look at point 4 as the target.
If 5"(double prime) is hit we look at point 3 as the target.

The way you find 5' is by taking the 2-4 line and placing under point 3. 5" is found by placing the same line on point 1.

If price, for example, passes through 5' and doesn't quite hit 5" then the rule for 5' stays in place.
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