EURNZD has created points 1, 2, 3, 4, and is now on its way to create point 5. The targets defined give us a better understanding of where this Wolfe Wave will start its path to the potential 1-4 target line. Although the targets defined are BULLISH this pair remains BEARISH in the higher time frame (see related post).
As always, the darker red gives a higher probability target and lesser chance of reversal while the lighter red gives us a lower probability target with a higher chance of reversal. Both targets are likely to be reached.
If price is able to reach 5' or 5" I will consider Geo's Off-Set Rule as defined by David Alcindor (4xForecaster)
Point 5 = 1-4 Target Line Point 5' = Geo's Off-Set Rule at point 4 Point 5" = Geo's Off-Set Rule at point 3
Thanks Chartistry, nice chart. I think I'm now somewhat getting an understanding of WW (I started with the public pdf, one of the members here shared). However, references to Geo Off-Sets make me puzzled. Any suggestion where I can study that?
Also, could you please elaborate on why tagging of the upper border of the wedge around 1.555 area is not yet considered to be the point 5 of WW? That would have been my default logic...
Geo's Off-Set rules were found by David Alcindor. He found that often times the WW did not reach it's projected 1-4 line. Instead, he found that the highest excursion of price determined what the highest probability target would be. The lines you see on point 3 and point 1 are there to show you 5'(5 prime) and 5"(5 double-prime). The image below better demonstrates what I am referring to. These are just the basic rules of the Geo. There are several internal factors that differentiate the Geo from the WW. You can find them on my page or David Alcindor's(4xforecasters) page spread throughout all of our posts.
I did not register the recent high as point 5 because it did not touch the trend line, (although it looks like it did in my chart). Regardless, there is still more room for upside and it looks like point 5 may not have relevance in the end result of this chart.
Also, could you please elaborate on why tagging of the upper border of the wedge around 1.555 area is not yet considered to be the point 5 of WW? That would have been my default logic...