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$USD vs. $NOK - Wolfe Wave Eyes 1-4 Line #forex #fibonacci

FX:USDNOK   U.S. Dollar/Norwegian Krone
Friends,


Here is a potential opportunity to witness a geometric             cycle completion of a Wolfe Wave pattern, concluding at its 1-4 Line validation.


WOLFE WAVE:

Potential short-opp presents itself through the geometric             completion of a Wolfe Wave at market close in this 4-hour chart. On last day of market, price reached the 1-3 alignment. This was paced into a 5-point morphology typical of the Wolfe Wave , which projects its "Take Profit" target via a probable 1-4 Line validation.


FIBONACCI NOTE:

If price were to complete this geometric             cycle, potential levels of support should be sought along the 1-4 Line of the pattern, in structural convergence with price levels of 7.64660 and 7.56234, corresponding to 50.0% and 61.8% Fibonacci levels. Historically, these levels align with significant pivots , as highlighted in the chart.


snapshot


ELLIOTT WAVE NOTE:

Preceding this Wolfe Wave pattern completion, a reciprocal symmetry (ab = cd) may call for a potential rallying to higher highs - A weekly chart (not shown) would suggest that this segment corresponds to an Elliott Wave 5th wave correction, and that a final 5th impulse would push price to higher levels, above current Wolfe Wave , either into a conclusive 5th wave truncation, or a full extension above Point-a of the background symmetry.


OVERALL:

This represents a high-probability set-up at a higher, stable timeframe. The probability of recovery from the recent price swing (from point-2 to point-5 of the geometry) is high, but likely controlled at a Fibonacci pace, at significant levels defined in the chart.

Best,


David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA


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Twitter:
@4xForecaster

LinkedIn:
David Alcindor
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.
Comment: 07 NOV 2015 - This is a cut/paste of the "Chart Update" and "Tech-Note" comments that I had posted in the "Post Comment" section.

In order to keep the chronology clean, following is a mere cut/paste of the comments and charts made prior to this week:


* * * In order to avoid any confusion from a dual analysis which sought bullish target at the long-term timeframe (weekly) and mid-term bearish targets (4-hour chart), I have left the 4-hour chart or any smaller timeframe out on purpose - Following is only a cut/paste chronology that pertains to the original analysis on the weekly chart * * *


=======================
06 JUN 2014 - ADDENDUM:

For sake of illustration, here is what the WEEKLY chart would look for, enumerating a incomplete Elliott Wave impulse with its internal 5 waves (5th wave remains speculative, although Predictive/Forecasting Model defined a top target as shown in this chart, corresponding to a minor Fibonacci level):

snapshot


Note that significant resistance is expected at the Bearish Entrenchment zone, if price rose challenged that level. For the Wolve Wave/Geo trader, remember that in the H4 chart, a ab = cd pattern was left to sight. This is simply a visual reminder that it may represent the 1-2 Leg of a 5-point anatomy pertaining to the Geo (which has a ab = cd rule requirement in its 1-2 Leg, in contrast to the Wolve Wave).

Best,
----------
David Alcindor


07 JUL 2015 - UPDATE:

From Twitter/LinkedIn:
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$USDNOK drills through Bearish Entrenchment; Mulls Elliott Wave 5th wave completion:

snapshot


$USD $NOK $norges #forex
---------
David Alcindor


03 AUG 2015 - UPDATE:

From Twitter/LinkedIn:
----------
$USDNOK stomps against fierce bearish entrapment; Faces highest prob. of reversal; Geo lurks in background:

snapshot


$NOK
-----------
David Alcindor
=======================
Comment: 07 NOV 2015 - Chart Update / Tech-Note:

As price roll-steamed right through the anticipated "Bearish Entrenchment" zone, it ended up validating a long-term target defined on June 06th, 2015 as "TG-Hi - 8.66629 - 06 JUN2015":
snapshot


At this point, a nascent Geo remains intact, as price reached a higher probability of reversal upon validating this aforementioned "Qual-Target" - Note that such reversal would likely be unimpeded, perhaps expressed as a bearish motive of 5-wave internals ... Worth the wait - The structure most likely to offer support is defined in the following chart:
snapshot


In terms of Fibonacci value, this would represent a 61.8% contraction:
snapshot


David Alcindor
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
29 AUG 2015 - Chart Update:

Look for possible rest at level of Point-4 per Geo's Off-Set Rule, as price takes a reprieve from an ascent to 5-prime:


snapshot



David
+2 Reply
Looks like we are arriving at your proposed truncation here David.
This week might be huge, with the developments in oil and stocks.
Reply
03 AUG 2015 - UPDATE:

From Twitter/LinkedIn:
----------
$USDNOK stomps against fierce bearish entrapment; Faces highest prob. of reversal; Geo lurks in background:

snapshot


$NOK
-----------


snapshot



David Alcindor
+1 Reply
IvanLabrie PRO 4xForecaster
Do you have an updated geo map of this pair?
Reply
10 JUL 2015 - UPDATE:

From Twitter/LinkedIn:
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$USDNOK rolls from Point-5 as forecast; Targets 7.59436 as highest probability attainment per Geo's Off-Set Rule:

snapshot

----------


snapshot



David Alcindor
+1 Reply
Realisto_FX PRO 4xForecaster
Here´s my view . I´m a applying a safety rule in Wolfe Waves by waiting for a reversal and close below 1-3 trendline . It protects me from an unexpected extension of point 5 .
snapshot
+2 Reply
4xForecaster PRO Realisto_FX
Hello, @jpocalles:

"I´m a applying a safety rule in Wolfe Waves by waiting for a reversal and close below 1-3 trendline . It protects me from an unexpected extension of point 5 ."

Exactly. The rule is best applied if waiting for the open of NEXT candle/bar following price commitment to the other side of the 1-3 Line ("BACA" rule, which simply implies two core conditions:

1 - Breaking Across

and

2 - Closing Across


Very nice safety measure.


David
+1 Reply
07 JUL 2015 - UPDATE:

From Twitter/LinkedIn:
----------
$USDNOK drills through Bearish Entrenchment; Mulls Elliott Wave 5th wave completion:

snapshot


$USD $NOK $norges #forex
----------


snapshot



David Alcindor
+1 Reply
4xForecaster PRO 4xForecaster
07 JUL 2015 - Tech-Note:

While the 4-hour chart is still playing out, the downside is now more limited as price reaches for the 5' position. I have left the internal ab = cd symmetry that appears to be playing out at this time, as price continues to rise:


snapshot



In any case, Point-4 is becoming the most probable point of repose - if price were to decline from the 5-prime level - before the weekly chart was to resume.


David Alcindor
+1 Reply
GalShafat PRO 4xForecaster
http://screencast.com/t/tummA5a9uGM1

checking trendline
+1 Reply
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