4xForecaster

Wolfe Waves Lessons From 5-Prime | $USD $CAD #BOC #Loonie #Forex

FX:USDCAD   U.S. Dollar/Canadian Dollar
963 6 4
Friends,

As you may recall, I presented the Wolfe Waves ("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':
-
Early Bearish Market Reversal Sign ... Signal? | $USD $CAD #BOC


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:
-
Wolfe Waves Pattern: Aftermath ... Lesson | $AUD $NZD #RBA #RBNZ


Also, here, folllow the $MSFT ( Microsoft             ) price action as it consolidates at the Point-5':
-
Potential Reversal Reached At Wolfe



OVERALL:

Overall, this trader's directional bias is bearish , based on past WW lessons, whereas the predictive analysis remains bullish . Based on this discrepancy, net directional bias remains cautiously NEUTRAL.

Thank you for your support and friendly referrals!

Cheers,


David Alcindor
Predictive Analysis and Forecasting


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Disclaimer:
- Remember to remain dubious about every and any thing I say. All comments are subjective perceptions based on unshared, proprietary and common knowledge of fundamental analysis , classic technical analysis , basic and advanced pattern trading, as well as personal research in occult market geometries, predictive analysis and quant-based forecasting, some or none of which is being shared in my trading profiles, so do your due diligence and review the disclaimer below.
- Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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Excellent summary, I'll read about WW. I'm also tracking a Wave 3 correction on the 2H, let me know and I'll post it if interested.
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4xForecaster PRO BrentWatson
2 years ago
@BrentWatson - Feel free to add/post charts with commentary. I do not use waves, except some occasional WW, but I remain curious about any technical information, and other readers might learn and integrate these lessons into their own analytical habits. Thank you - David.
Reply
nsawa
2 years ago
What do you think of a possible Bullish Bat (I mean after break of the 3-5 trendline and this S/R zone) with a D at around 1.1045, do you think it will retest the 3-5 along with the Bat or just go through the D point to the 2-4 (it's along the trend and the 1.1045 seems a good support level especially between 3 and 5 - well except that one break at point 4)
Reply
4xForecaster PRO nsawa
2 years ago
@nsawa - With classic patterns, anything is possible.

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.

David Alcindor
Reply
09 APR 2014 - Chart Update:

Price reached a minor support defined by a parallel 1-3-5 Line. Expect a rallying to the underbelly of the 2-4 Line as a probable reactive scenario, as suggested in this chart:

snapshot


Otherwise, targets and original forecast remain intact.

Cheers,


David Alcindor
Reply
09 APR 2014 - $USDCAD Chart Update:

Declines w/o relief rally; Breaks key supports; Nears target:

snapshot


Cheers,

David Alcindor
Reply
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