$USD v. $JPY Completes A Bearish Wolfe Wave | #yen #BOC #forex
Friends,
Watch for this potential decline as price completes the 5-point regimen of a Wolfe Wave, naturally seeking full cycle completion at the 1-4 "Take Profit" Line - See M15 chart:
FIBONACCI & STRUCTURAL ANALYSIS:
At first glance, casting a Fibonacci matrix over the structural high-low with 0.386/0.500/0.618/0.786-Fibs as significant anchor levels might grant a few clues as to what depth of retracement (if there were to be one, as per signaled by this Wolfe Wave) could be attained.
Yet, combining with the analysis of internal highs and lows that have been inscribed during the recent upswing might reveal a few probabilities.
First, the 0.386-Fib level rests at the first significant resistance to the enduring upswing, as price reached a high of 119.453 (equaled at 119.336 at the 38.6 handle).
This 38.6 handle is significant in its forward projection, as it also lent a R/S level for the ensuing channel/consolidation oscillating about its 119.348/119.453 spine.
Second, there is the 0.618-Fib level, which has served as the lowest tolerance level in that upswing, as price closed only once below it at the first test support on 24 AUG 2015 @ 13:45. After than, it was all whipped cream over custard, as price remained buoyant relative to that Fib handle.
Last is the 0.786 level, which served a similar mechanical function as that of 0.618.
Looking forward, these three levels are to be heeded.
OVERALL:
A decline to the 1-4 Line is probable, if one had to rely on the Wolfe Wave principle. However, there are two prudent measures worth applying here:
1 - Consider a break across with closing across (BACA) below WW's 2-4 Line
or
2 - Consider a validation of the support-now-and-resistance-then (SNART) event along that same 2-4 Line, as suggest by the dashed arrow.
Best,
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
-----
Twitter:
@4xForecaster
LinkedIn:
David Alcindor
-----
.
Watch for this potential decline as price completes the 5-point regimen of a Wolfe Wave, naturally seeking full cycle completion at the 1-4 "Take Profit" Line - See M15 chart:
FIBONACCI & STRUCTURAL ANALYSIS:
At first glance, casting a Fibonacci matrix over the structural high-low with 0.386/0.500/0.618/0.786-Fibs as significant anchor levels might grant a few clues as to what depth of retracement (if there were to be one, as per signaled by this Wolfe Wave) could be attained.
Yet, combining with the analysis of internal highs and lows that have been inscribed during the recent upswing might reveal a few probabilities.
First, the 0.386-Fib level rests at the first significant resistance to the enduring upswing, as price reached a high of 119.453 (equaled at 119.336 at the 38.6 handle).
This 38.6 handle is significant in its forward projection, as it also lent a R/S level for the ensuing channel/consolidation oscillating about its 119.348/119.453 spine.
Second, there is the 0.618-Fib level, which has served as the lowest tolerance level in that upswing, as price closed only once below it at the first test support on 24 AUG 2015 @ 13:45. After than, it was all whipped cream over custard, as price remained buoyant relative to that Fib handle.
Last is the 0.786 level, which served a similar mechanical function as that of 0.618.
Looking forward, these three levels are to be heeded.
OVERALL:
A decline to the 1-4 Line is probable, if one had to rely on the Wolfe Wave principle. However, there are two prudent measures worth applying here:
1 - Consider a break across with closing across (BACA) below WW's 2-4 Line
or
2 - Consider a validation of the support-now-and-resistance-then (SNART) event along that same 2-4 Line, as suggest by the dashed arrow.
Best,
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
-----
Twitter:
@4xForecaster
LinkedIn:
David Alcindor
-----
.