#Fibonacci And Wolfe Pattern Offer Bullish Target | $JPY #Forex
Friends,
There is a Wolfe Waves ("WW") pattern that just completed at its 5-prime (5') position in the 60-minunte chart - Despite the significant decline from Point-2 of this pattern, the predictive/forecasting model remains BULLISH.
WOLFE WAVES-BASED TARGET:
As this pattern develop, and if indeed there was ever a solid base to be had at Point-5', then I would remain open to the possibility of a reactive rally, albeit limited by the pattern's 1-4 Line (dashed BLUE line).
FIBONACCI-BASED TARGET:
Using a significant 1.618 Fibonacci expansion between Point-5 and Point5', one may cast an upside target along this line, such that 109.486 would represent the possible upside in question.
Added dimension can also help ascertain this target by the mere use of internal Fibonacci numbers, such as 0.786 and 0.886, whose range of values also offer a tight approximation in as an average result of the two:
(109.385 + 109.622) / 2 = 109.503, or 0.0175 pips from the 1.618-Fibonacci extension defined between Point-4 and Point-5'.
OVERALL:
As the predictive/forecasting model remains bullish, so should the trader's expectation remain open to a possible reactive upside. With the support of an advanced market geometry in the Wolfe Waves pattern, and the aid of simple Fibonacci levels, one can easily see how the upside may be quite real.
As a closing remark, and at the risk of bringing the picture to a complicated mess, here is the 4-hour view which demonstrates several of these WW pattern:
1 - One in GREY , which we used in recent analysis as an overlay to the predictive/forecasting model (see recent analysis here:
);
2 - Another in BLUE, which is the subject of this current analysis;
AND
3 - A final one in RED, dominating the entire picture.
The point here is that Wolfe Waves remain a dominant geometry throughout the $USDJPY pair (see link below in "Related Ideas"), which can be used in the trader's advantage.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
------------------------
Twitter: @4xForecaster
TradingView: www.tradingview.com/u/4xForecaster/
There is a Wolfe Waves ("WW") pattern that just completed at its 5-prime (5') position in the 60-minunte chart - Despite the significant decline from Point-2 of this pattern, the predictive/forecasting model remains BULLISH.
WOLFE WAVES-BASED TARGET:
As this pattern develop, and if indeed there was ever a solid base to be had at Point-5', then I would remain open to the possibility of a reactive rally, albeit limited by the pattern's 1-4 Line (dashed BLUE line).
FIBONACCI-BASED TARGET:
Using a significant 1.618 Fibonacci expansion between Point-5 and Point5', one may cast an upside target along this line, such that 109.486 would represent the possible upside in question.
Added dimension can also help ascertain this target by the mere use of internal Fibonacci numbers, such as 0.786 and 0.886, whose range of values also offer a tight approximation in as an average result of the two:
(109.385 + 109.622) / 2 = 109.503, or 0.0175 pips from the 1.618-Fibonacci extension defined between Point-4 and Point-5'.
OVERALL:
As the predictive/forecasting model remains bullish, so should the trader's expectation remain open to a possible reactive upside. With the support of an advanced market geometry in the Wolfe Waves pattern, and the aid of simple Fibonacci levels, one can easily see how the upside may be quite real.
As a closing remark, and at the risk of bringing the picture to a complicated mess, here is the 4-hour view which demonstrates several of these WW pattern:
1 - One in GREY , which we used in recent analysis as an overlay to the predictive/forecasting model (see recent analysis here:
2 - Another in BLUE, which is the subject of this current analysis;
AND
3 - A final one in RED, dominating the entire picture.
The point here is that Wolfe Waves remain a dominant geometry throughout the $USDJPY pair (see link below in "Related Ideas"), which can be used in the trader's advantage.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
------------------------
Twitter: @4xForecaster
TradingView: www.tradingview.com/u/4xForecaster/
Related Ideas
