Hello Traders,
$SPX created a BEARISH Wolfe Wave at market close on Friday July 8th. I would look for a short in the vicinity between point 5 and 5'.
As it stands, the target is the 1-4 line as far as the Wolfe Wave is concerned. If and only if 5' (5 prime) is hit will I consider Geo's Off-Set Rule at point 4 as the highest probability target.
Stay tuned.
Best,
Chartistry
$SPX created a BEARISH Wolfe Wave at market close on Friday July 8th. I would look for a short in the vicinity between point 5 and 5'.
As it stands, the target is the 1-4 line as far as the Wolfe Wave is concerned. If and only if 5' (5 prime) is hit will I consider Geo's Off-Set Rule at point 4 as the highest probability target.
Stay tuned.
Best,
Chartistry
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UPDATE:
Looking at the market in a much broader view. I have defined the following targets.
Keep in mind that the darker red defines the highest probablity target with a low chance of reversal. The lighter red defines a lesser prbability target with a high chance of reversal. I am intersted to see how the market will react according to Geo's Off-Set rule and the targets on this above chart.
Best,
Chartistry
Looking at the market in a much broader view. I have defined the following targets.
Keep in mind that the darker red defines the highest probablity target with a low chance of reversal. The lighter red defines a lesser prbability target with a high chance of reversal. I am intersted to see how the market will react according to Geo's Off-Set rule and the targets on this above chart.
Best,
Chartistry
Notice the reaction off of the 0.382 level of the CD leg? This is a great example of how you can use the AB=CD pattern and the Fib tool with respect to the CD leg to determine where you can get reaction, retracements, and reversals in the Wolfe Wave and Geo'. A simple yet effective tool that I have been using in all of my Wolfe Wave and Geo' trades.
Best,
Chartistry