Limited Upside Potential | $IWM #fibonacci #elliottwave
Quick note here on the Russell (private request I decided to share)
Market closed right at 121.53 in the context of the following predictive/forecasting model results:
BULLISH TARGETS:
1 - TG-Hi = 121.78 - 13 FEB 2015
and
2 - TG-Hix = 128.18 - 13 FEB 2015
PATTERN ANALYSIS:
- ELLIOTT WAVE ("EW"); Wolfe Wave ("WW"):
Model suggests a topped-off condition. A large WW inscribed within the EW's 3rd wave termination with projection of the triangular top edge forward illustrates a crest-to-crest alignment in 4 distinct times. The second time is the crest of a large A-B-C zig-zag towards the completion of EW's 4th wave, with two consecutive attempts at higher highs, blunted by that top-edge projection off of Point-3.
SMALLER WOLFE WAVE ("WW"):
Another pattern (not shown, but easily discernible in the H4 timeframe is a WW, nascent within the ending upswing of the current 5th wave completion.
While EW's ED may also be considered concurrent to the smaller WW within the completion of the 5th wave, I would remain close to the WW consideration, as it applies stricter rule in terms of forecast, projection and reversal levels.
PREDICTIVE/FORECASTING MODEL:
The model itself remains neutral at this point, as it has not completed the forecast levels above. Nonetheless, it has presented a topping situation and defined a lower target as follows:
- TG-Lo = 66.62 - 13 FEB 2015
OVERALL:
The nominal targets offer low-probability attainment against high-probability reversibility, meaning that any of the TG-Hi, -Hix, -Lo, -Lox represent extended conditions wherein market will tend to loss velocity and reverse in the order of 0.618 and beyond. This is in contrast to the numerical targets (TG-1, TG-2, ..., TG-n ...) where price has a high-probability of attainment, but low-probability of reversal. instead, at these numerical target levels, price will not reverse, but retrace in the smaller order of 0.382 up to 0.618 - In this situation, the targets are calling for a high-probability reversal at the levels defined.
Going forward, I would pay particular attention to the geometric developments. The EW's ED has its own merit, but one that may be best supported by the metric precision of the WW. Taken together, whey will only affirm any confirmation otherwise granted on their own merit.
Directional bias is bearish. Yet, indicator is neutral until the geometries play out.
Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
Linked-In:
David Alcindor
-----
.
Market closed right at 121.53 in the context of the following predictive/forecasting model results:
BULLISH TARGETS:
1 - TG-Hi = 121.78 - 13 FEB 2015
and
2 - TG-Hix = 128.18 - 13 FEB 2015
PATTERN ANALYSIS:
- ELLIOTT WAVE ("EW"); Wolfe Wave ("WW"):
Model suggests a topped-off condition. A large WW inscribed within the EW's 3rd wave termination with projection of the triangular top edge forward illustrates a crest-to-crest alignment in 4 distinct times. The second time is the crest of a large A-B-C zig-zag towards the completion of EW's 4th wave, with two consecutive attempts at higher highs, blunted by that top-edge projection off of Point-3.
SMALLER WOLFE WAVE ("WW"):
Another pattern (not shown, but easily discernible in the H4 timeframe is a WW, nascent within the ending upswing of the current 5th wave completion.
While EW's ED may also be considered concurrent to the smaller WW within the completion of the 5th wave, I would remain close to the WW consideration, as it applies stricter rule in terms of forecast, projection and reversal levels.
PREDICTIVE/FORECASTING MODEL:
The model itself remains neutral at this point, as it has not completed the forecast levels above. Nonetheless, it has presented a topping situation and defined a lower target as follows:
- TG-Lo = 66.62 - 13 FEB 2015
OVERALL:
The nominal targets offer low-probability attainment against high-probability reversibility, meaning that any of the TG-Hi, -Hix, -Lo, -Lox represent extended conditions wherein market will tend to loss velocity and reverse in the order of 0.618 and beyond. This is in contrast to the numerical targets (TG-1, TG-2, ..., TG-n ...) where price has a high-probability of attainment, but low-probability of reversal. instead, at these numerical target levels, price will not reverse, but retrace in the smaller order of 0.382 up to 0.618 - In this situation, the targets are calling for a high-probability reversal at the levels defined.
Going forward, I would pay particular attention to the geometric developments. The EW's ED has its own merit, but one that may be best supported by the metric precision of the WW. Taken together, whey will only affirm any confirmation otherwise granted on their own merit.
Directional bias is bearish. Yet, indicator is neutral until the geometries play out.
Stay tuned,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
Linked-In:
David Alcindor
-----
.