Chartistry

Wolfe Wolfe Wolfe $USDJPY Wolfe Wave and Geo

FX:USDJPY   U.S. Dollar/Japanese Yen
8 months ago
Hello Traders,

We have 3 Wolfe Wave's here that I want to take a look at.

1. The first Wolfe Wave on the left completed in late 2014 at the 1-4 target line.

2. While the first Wolfe Wave was carving its path to the 1-4 line. A second Wolfe Wave formed. Here we created a 5" structure with the Geo's Off-Set Rule #3 at point 3.

3. The final Wolfe Wave was formed as usdjpy             started to decline. Again it formed a 5" structure so we look at Geo's Off-Set Rule #3 at point 3.

From here there are two ways it can go. It can go to point 3 of the final Wolfe Wave or create newer lows and reach point 3 of the second Wolfe Wave.

-Chartistry
8 months ago
Comment:
snapshot


Bullish Wolfe Wave formed in smaller timeframe. Still looking at 115.90-116 as the 1st target in this chart.
7 months ago
Comment:
snapshot


Target Hit at Geo's Off-Set Rule #3 at point 3
ChatchaiVong
8 months ago
thank so much
+1 Reply
Chartistry PRO
8 months ago
snapshot


Geo Off-Set Rule #3 still in play
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IvanLabrie TOP
8 months ago
How would you update the larger WW now?
+1 Reply
Chartistry PRO IvanLabrie
8 months ago
snapshot


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Chartistry PRO Chartistry
8 months ago
I'd look for a retrace* sorry for typo
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Chartistry PRO IvanLabrie
8 months ago
What are your thoughts? Do you think we will retrace before we see newer lowers?
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IvanLabrie TOP Chartistry
8 months ago
That's too big a retracement I think.
If we move above 109.787 the downtrend would pause and we'd get a sideways consolidation before more downside.
I'd still hold shorts and just add at the top of the consolidation range until it breaks down.
My target is 102-105.
+1 Reply
Chartistry PRO IvanLabrie
7 months ago
Hi Ivan, is there a pause in the downtrend now? What are your current views on the JPY pairs?
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IvanLabrie TOP Chartistry
7 months ago
Depends, we have to see if we hit 113.25, and if we do, we could try more shorts, unless we cut through the resistance and go back to the upper 120s or higher.

The move up has been too drastic, it could be a trend reversal, thus making 102-105 a pipe dream...but it is yet to be seen.
Reply
Chartistry PRO IvanLabrie
7 months ago
I see...I currently hold no position in this pair. I would look for 116~ as a potential level to short since it falls in line with Geo's offset rule @ point 3.
Reply
IvanLabrie TOP Chartistry
7 months ago
Yes, that would be an interesting level, and easily reachable if we move past 113.25.
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quantafund1979
7 months ago
complicated.. *_*
+1 Reply
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