Bill Wolfe's Pattern - Completed
Target = 1-4 Line ("Take-Profit" Line)
Trigger = 2-4 Line R/S action/reaction
SL = 1232.55
- Future R/S Levels:
- High-Prob Reversal:
TG-1 = 1153.76 - 11 DEC 2014
BACA > 1232.55
Note: Recent analysis suggested a rallying into the 1231.93-1226.34 range, which held per forecast. At this point, a background Wolve Waves completed (see pink plots: 1-2-3-4-5). The pattern's 2-4 Line acted as support until a recent breach and small rally, stomped at the line's underbelly.
Expectation here is a price compliance to background geometry, which demands further completion towads its 1-4 Line projection as dynamic support.
Static support is further defined by TG-1 = 1153.76 - 11 DEC 2014, a low-probability attainment, but high-probability reversal target.
Predictive Analysis & Forecasting
Denver, Colorado - USA
Could I be so bold as to ask for a daily or weekly forecast for XAUUSD. I'm curious as I expect it will have some impact on the GBPCAD pair which I'm holding a short on. If Gold is expected to rise combined with a recovery in the oil price the CAD should hammer the GBP? Would I be correct in saying that?