As you may recall, I presented the ("WW") pattern using different examples. In this particular case, we looked at a failed Point-5 reversal, which instead continued off to its Point-5'. In fact, yesterday, I was mentioning that as a matter of experience, whenever I come across a potential WW, I expect a reversal to occur at Point-5', as the market is more likely to absorb nearby stop-losses, right up to that loftier Point-5'.
Here are the recent technical commentaries on this USDCAD as it relates to this WW pattern:
1 - In this example, the interesting aspect is that my predictive analysis and forecasting system had already set a TG-1 = 1.11659 that was sitting HIGHER than Point-5, so the bias was already setting its eyes higher, towards point-5':
2 - In this follow-through analysis, chart shows that TG-1 was surpassed in favor of a reversal at Point-5', as expected off of the dynamic 3-5' Line
For your leisure, review more WW pattern analysis here, where the AUDNZD offered yet another great lesson:
Also, here, folllow the $MSFT ( Microsoft ) price action as it consolidates at the Point-5':
Overall, this trader's directional bias is , based on past WW lessons, whereas the predictive analysis remains . Based on this discrepancy, net directional bias remains cautiously NEUTRAL.
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Predictive Analysis and Forecasting
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For instance, I could mention that an alternate bullish bat would fit the line setup, such that its Point-D (defined as 1.131 x XA) would land right on the 2-4 Line.
However, I have distanced myself from patterns, except for a very few ones. Still, I never use patterns in my predictive analysis and forecasting.
In my experience (and this is only one voice talking), patterns have become a hindsight thing, rather than the forecasting tool I need to confirm trends, reversals and targets.