The $USDJPY posted a series of triangular geometries whose Fibonacci relationship remains significant (see ).
Just as importantly, a finaer granular analysis of internal geometries would also suggest that added upside remains probable as of this market close (10 OCT 2014):
Following is a cut/paste discussion held from a recent $USDJPY posting, where I highlight internal market geometries, most of them expressed in terms of Mr. Bill Wolfe's pattern - Here is the content:
(...) Looks like we are dealing with a COR (M15/M60) within a COR (M240/DAILY) within a COR (WEEKLY), wherein a series of internal triangles/WW are boxed within one another. Here are the three timeframes in which these geometries have occurred:
1 - WEEKLY VIEW:
A hit 109. xx target and came to a 5-prime position. Yet, price is now resting on pattern's 1-3-5 Line, which may suggest a potential support. Less likely to occur here would be a rare 5-second (5") event:
2 - DAILY VIEW (same as weekly pattern):
Note here that a large WW already met its 5-prime requirement for a reversal. This chart alone speak against any significant rallying potential, although the current price at market closure rested on a significant 1-3-5 Line support:
3 - 4-HOUR VIEW:
Here, there is a definite geometric conflict worth pondering:
a -- Price rests at 1-3-5 Line of a larger WW (seen above in DAILY and WEEKLY views)
b -- An internal WW (BLUE) reached its own 5-prime, indicating a probable rallying event
c -- A larger WW (PINK) also reached its own 5-prime position, reinforcing a similar rallying heralding:
4 - 60-MIN. VIEW:
In this chart, we are looking at the internal WW (BLUE) illustrated in the 4-Hour chart above. Here, the technical detail go a bit further, as we are seeing a sitting on its own supporting , within its own triangle.
While price has been pushed to a significant level, both the geometries and technical indicators are calling for a pullback. While this remains only a probability event, it its quite interesting to see how a lot of this internal-within-internal geometries are supporting a net reactive rally probability. Sunday's open might possibly offer a directional flavor for the remainder of the week.
As you may recall, this chart (https://www.tradingview.com/v/oyoJ6O5y/) was looking at a potential upside, which has since been reached. Therefore, we are currently at a significant cross-road where bulls and bears are battling with crosses, arrows and and triangle shields in hands.
For the conflicting technical reasons above, I have chosen to turn TradingView's market direction tag to "Neutral"
Predictive Analysis & Forecasting
Denver, Colorado - USA
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
I would consider a pullback to the levels I have drawn on top of your chart followed by a rally up to the level I have suggested at 113.60, which would also indicate a final push on the sp500 to record high - a tempting scenario and one that could be blown off course by events! How do these levels line up with your analysis?
Looking at the chart, I am not familiar with this circular pattern. Not sure what the focal point refer to.
I agree on the pullback though.
- Currently at: 84.320
- Needs to reach: 83.504
- Currently at: 106.991
- Needs to reach: 106.715
- Currently at: 171.945
- Needs to reach: 171.619
- Currently at: 95.556
- Needs to reach: 95.255
In your chart, the 5-prime does not belong to the Point-1 origination. instead, 5-prime originates off of Point-3. What you have defined here is a 5-second position, which occurs rarely compared to 5-prime.
Depending on which data you use, 5-prime may or may not have occurred as of yet.