Hello Traders,
Here is a Daily view and trade of EURNZD. I currently have targets defined at 1.46653 and 1.42175, which comes close to the AB=CD completion in this Wolfe Wave. Geo's Off-Set Rule #2 suggests 1.69306 as the highest probability target (if 5' is hit). The Wolfe Wave considers the 1-4 line as the highest probability target.
I typically look for an ab=cd completion between points 1-2, 2-3, 3-4, and 2-3=4-5(5'). This proves not to be the case here. Bill Wolfe actually mentions that the Wolfe Wave does not have symmetries within its points. Whereas David Alcindor's Geo' does. This is a case where I am using a hybrid system between the Wolfe and the Geo' to define the highest probablity targets.
This system can help you visualize where price might end up before reversing even though it is not a typical form of TA for the WW or the Geo'.
Overall, I expect a further decline in this pair before any up move. Look for 1.46653 as your highest probability target and 1.42175 as the second highest probability target before any upward momentum sets in.
Best,
Chartistry
Here is a Daily view and trade of EURNZD. I currently have targets defined at 1.46653 and 1.42175, which comes close to the AB=CD completion in this Wolfe Wave. Geo's Off-Set Rule #2 suggests 1.69306 as the highest probability target (if 5' is hit). The Wolfe Wave considers the 1-4 line as the highest probability target.
I typically look for an ab=cd completion between points 1-2, 2-3, 3-4, and 2-3=4-5(5'). This proves not to be the case here. Bill Wolfe actually mentions that the Wolfe Wave does not have symmetries within its points. Whereas David Alcindor's Geo' does. This is a case where I am using a hybrid system between the Wolfe and the Geo' to define the highest probablity targets.
This system can help you visualize where price might end up before reversing even though it is not a typical form of TA for the WW or the Geo'.
Overall, I expect a further decline in this pair before any up move. Look for 1.46653 as your highest probability target and 1.42175 as the second highest probability target before any upward momentum sets in.
Best,
Chartistry
Best,
Chartistry