Wolfe Wave Sharp and Deep

FX:XAUUSD   Gold Spot / U.S. Dollar
283 3 8
We MAY see a deep correction to the bottom trendline :)
Trade active

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Excellent idea VRS. Expanding on the theme with the aid of a 3hour chart, we may observe that WW5 presents the characteristic overshoot above the upper trend line, which leads to a possible target area (in conjunction with the WW1-WW4 line) of 1170-1180.

+1 Reply
VRShaiju cfetrader
Yes CT. The beginning of a new ERA may start from WW6 when we think in bullish perspective. I am trading down this wave towards 1190. According to the current bullish sentiment I am expecting a flat corrective wave 2. The flat correction wave C targets 1190 area. See the chart

I appreciate your support.
+1 Reply
cfetrader VRShaiju
VRS, the second chart with the pitchfork is also very informative, good target analysis. I was curious about Ken's Wolfe-wave, and I think it is also valid. So in essence we have two alternative WWs, which anyway lead to the same conclusion. The only difference is that Ken's gives us a slightly deeper WW6 target range 1150-1170 (average 1160) and a higher overshoot for WW5.

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