Although in his introductory site (www.WolfeWave.com), Mr. insists that no internal geometries needs to supplement this pattern, my encounter with this pattern came originally from a different angle, having discovered my own proprietary pattern (e.g.: Great White, Janus, Euclid, Alt. ), as well as other occult market geometry concepts (nodes, nodules and euclidean modules).
So, I had no other fashion to look into this pattern but through the prisms that I had already been wearing since trading and dissecting market shapes, forms and geometries as I started back in 1997.
Concepts such as "Tunneling", "Geo-Anchor", Point-5 ectopia where simple findings that may or may not reiterate lessons or concepts that Mr. Bill has shared in private programs, which I never had the chance nor desire to receive, lest I would lose the biases of my own methodologies.
So, let's delve into yet another discussion of this , whose point-by-point, and leg by leg analysis will also include simple principles and bits and parts of my own geometries, despite the interdictions of Mr. Bill who asserts that his pattern stands on its own two lines ... To some extend, I have to agree, but the refinements I have added won't hurt the novice and advance trader screening for optimal, rule-based approaches.
Also, as this price action unfolds, I will probably add new targets based on a separate Predictive/Forecasting Method.
Thank you for your readership and eventual contribution.
Predictive Analysis & Forecasting
Durango, Colorado - USA
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
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The smaller Geo responded well to the Of-Set Rule, as price remains aloft the 1-4 Line, but did come into the zone of Point-4.
A departure above 1.53757 (recent high approximation) might take on the shape of an Elliott Wave impulse, pushing price to the level of your Point-5 ... Look for symmetry developing beyond this point, repeating the current 2-3 Leg (BLACK in your chart) morphology, across the current 3-4 Leg (BLACK in your chart) as a line of symmetry.
Thank you for your suggestion. This is a promising one.
"United Kingdom: Bank Of England Impications Of Possible EU Exit
May 23, 2015 | 15:36 GMT
The Bank of England said May 23 that it is researching the implications of a British exit from the European Union, confirming information in an email accidentally forwarded to journalists, Reuters reported, citing the Guardian. British Prime Minister David Cameron has said the United Kingdom will hold a referendum on leaving the European Union before 2017."
- Source: STRATFOR/Strategic Forecast, Global Intelligence