Yesterday, we looked at the Geo methodology, defining a high-probability target by the use of its "Off-Set Rule" - see set up and target-hit here: tradingview.com/chart/USDJPY/2bd67Ve1). Today, we are considering the conventional Wolfe Wave pattern, eyeing a possible target along its 1-4 Line, as shown in the following chart:
Of geometric note here, it is interesting to see how the former Geo's 1-3 Line and and current Wolfe Wave's 1-3 Line are converging at Point-5 to potentiate the probability of reversal at the level defined (arrow).
OVERALL:
The Model remains bearish, while current geometry is supporting a bearish intermediate play. A break below 123.871 would support further downside and open up to bearish targets defined in the larger timeframe (see weekly chart released a few days ago, here: .
Best,
David Alcindor Predictive Analysis & Forecasting Durango, Colorado - USA
From Twitter/LinkedIn:
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USDJPY under bearish pressure; Grabs onto 5-prime Line (2-4 Line off of Pt-3); Bearish:
USD JPY #BOK #forex
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David Alcindor