$CAD vs. $JPY Weaving #elliottwave 3rd Wave; Model Eyes 98.148
Traders,
Price finally broke below the 1-2-3-4-5 internals, indicative of a EAGLE completion and origination of an Elliott Wave's ("EW") 1st Wave of a larger nascent pattern.
Current prolongation appears to be an EW Wave-3, with an uncertain end-point, except for a potential retracement level from:
- TG-1 = 98.148 - 22 SEP 2014.
This retracement would be most possible if price rallied above 98.608, opening a resistance ceiling at a standard 0.618-Fibonacci bearish entrenchment. Still, a stronger bearish entrenchment exists in the 99.615/99.450 range.
Another scenario would see a EWP 3rd Wave Extension, thus providing a straighter route to the model's lowest value at:
- TG-Lo = 97.375 - 22 SEP 2014
These are speculative price pathways based on a predictive/forecasting model defining both retracement and reversal targets as defined above. All values are derived from structures, Fibs and predictive/forecasting model, and are posted as suggestions.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
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Twitter: @4xForecaster
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Price finally broke below the 1-2-3-4-5 internals, indicative of a EAGLE completion and origination of an Elliott Wave's ("EW") 1st Wave of a larger nascent pattern.
Current prolongation appears to be an EW Wave-3, with an uncertain end-point, except for a potential retracement level from:
- TG-1 = 98.148 - 22 SEP 2014.
This retracement would be most possible if price rallied above 98.608, opening a resistance ceiling at a standard 0.618-Fibonacci bearish entrenchment. Still, a stronger bearish entrenchment exists in the 99.615/99.450 range.
Another scenario would see a EWP 3rd Wave Extension, thus providing a straighter route to the model's lowest value at:
- TG-Lo = 97.375 - 22 SEP 2014
These are speculative price pathways based on a predictive/forecasting model defining both retracement and reversal targets as defined above. All values are derived from structures, Fibs and predictive/forecasting model, and are posted as suggestions.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-------------
Twitter: @4xForecaster
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