As signaled this week-end, this Wolfe Waves Pattern came across loud and clear. I would have expected a 5-prime adverse excursion as it often seen in the WW, but instead, price is moving along just fine.
This is a M15.But, dDid you see this DAILY chart:
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All prior discussion on the development of both patterns can be reviewed in the TradingView's "Predictive Analyses & Forecasting Room".
OVERALL:
Bearish per price submission to WW pattern. Stay tuned by following my posts on TradingView.com for refined predictive/analysis per model once pattern consumes itself. No charge. Pure unadulterated technical indulgences.
Cheers,
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
Price finally reached Wolfe Waves pattern's 1-4 Line. A rallying at this level is quite possible - Following is a synopsis of the price action up to today:
David Alcindor
4xForecaster
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NOTE: I have to say that GBPJPY being one of the most volatile pair, the 5-prime position gave traders a run for their money.
A safe strategy here is not to run after a 5-prime position, but simply to enter at the level where price returns below the 1-3-5 Line.
A 78.6-Fib level remains open for the pattern trader seeking to enter a long position out of the Bullish Gartley pattern completion. However, this is not necessarily the type of trade I feel comfortable with, as they represent the most widely expected level of entry. Best is to seek the type of edge offered by more advanced patterns, such as this completed Wolfe Waves pattern, as of its 5-prime position. Remember: Enter safely at the 1-3-5 Line re-entry if you are not comfortable with any other possible aggressive solution.
Cheers,
David Alcindor
IvanLabrie
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Sounds reasonable, would confirm the geometry before you take the trade. Great stuff.
4xForecaster
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23 SEP 2014 - Note:
Daily notes, technical commentaries, lessons and pearls will be provided in the "Predictive Analysis & Forecasting" chat room. Feel free to follow these added details there (Link: tradingview.com/chat/ Only significant technical events will be posted in this present discussion thread, so as to avoid too much unnecessary technical information for the trader and chartist interested only in major technical events.
David Alcindor
KevinT
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This pair is getting really interesting now. Whether the spike is caused by Scottish referendum bias or a start of a AB = CD pattern.
Fundamentally Yen is getting weaker, while BoE said it will raise interest rate next spring step by step.
I have a strong bullish bias for this pair as the big drop of GBP is cause by the interest rate not rising before the end of this year as many trading hoped for.
KevinT
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Zoomed out as weekly and you'll see there are plenty of room
manijeh.kazemi.33
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Hope you are fine thanks for this post david
4xForecaster
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18 OCT 2014 - Update:
From Twitter:
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GBPJPY rallied on cue off of its TG Line; Predictive model remains bearish, though:
GBPJPY - H4: Tiny WW forming at the end of an impulse that started off of a larger WW's Point-4 - H4 chart:
GBPJPY - DAILY: Here is the larger view of a larger WW.
Therefore, expect that the small WW completes into a lower leg, so as to help define Wave-B of a A-B-C pattern moving completion towards Wave 5 (shaded).
In other words, expect a temporary retracement to allow for the completion of the smaller WW, which is the continuation of the corrective's B Wave. After that, it's a move towards Point-5, I should expect - David
Deliberate deterioration of the JPY may seem counter-intuitive here, but if price maintained a downward course, less plausible because plausible, then possible, and finally too late.
Only time tells the fundamentalists what technical was muttering all along.
Price finally reached Wolfe Waves pattern's 1-4 Line. A rallying at this level is quite possible - Following is a synopsis of the price action up to today:
David Alcindor