$USDCAD | Targets Defined | Speculative Wolfe Wave & GEO
Hello Traders,
I first want to point out that the Wolfe/Geo' in this chart remains purely speculative. One cannot predict a Wolfe/Geo' forming unless points 1-2-3 and 4 have been created.
Here are the reasons I have put a potential outline for this WW.
1. To the left of the chart is a completed ab=cd pattern. Notice how point 'a' is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW.
2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern.
The rest of the WW/Geo' remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well. Once this level is reached I will look for a potential RETRACEMENT in price. I say retracement because that is what will define point 4. After point 4 of course is point 5, which is also define by an even larger AB=CD pattern.
Where will that pattern point to?
That remains to be seen.
Best,
Chartistry
I first want to point out that the Wolfe/Geo' in this chart remains purely speculative. One cannot predict a Wolfe/Geo' forming unless points 1-2-3 and 4 have been created.
Here are the reasons I have put a potential outline for this WW.
1. To the left of the chart is a completed ab=cd pattern. Notice how point 'a' is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW.
2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern.
The rest of the WW/Geo' remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well. Once this level is reached I will look for a potential RETRACEMENT in price. I say retracement because that is what will define point 4. After point 4 of course is point 5, which is also define by an even larger AB=CD pattern.
Where will that pattern point to?
That remains to be seen.
Best,
Chartistry
Comment:
Update:
Price carved a lower low then I had anticipated. The highest probability target now stands at 1.32399.
Also Pay attention to the Geo' on the left. A chart I posted in April.
In conclusion, I expect Geo's Off-Set rule to hit as well as the target defined in this update.
Best,
Chartistry
Price carved a lower low then I had anticipated. The highest probability target now stands at 1.32399.
Also Pay attention to the Geo' on the left. A chart I posted in April.
In conclusion, I expect Geo's Off-Set rule to hit as well as the target defined in this update.
Best,
Chartistry
Comment:
UPDATE: TARGET HIT
Also, pay attention to the background geometry, the current move is an internal ab=cd pattern to the larger CD leg of the AB=CD pattern.