Watch for potential rally into the 17.564/17.757 range per Geo's Off-Set Rule, as price defined a higher-low structure into the entrenchment - See following chart:
Look for commodity-sensitive currencies, such as $AUD, $NZD, $CNH and correlated leaders such as $XAU, $XPT charts (posted earlier this week) for supportive hints in terms of similar directional biases.
Background geometry at play is the Geo , as implied by above Off-Set Rule, whereas the Predictive/Forecasting Model remains quiet at this time.
bias to 17.564/17.757 range as Geo=based targets.
Predictive Analysis & Forecasting
Durango, Colorado - USA
As price finally rose to the 17.564/17.757 range, we are now looking at a potential reversal, given the following upper and lower risks - The upper value represents the most proximal value anticipated to hit first, whereas the lower value represents the target at reversal:
Invalidation should occur with the development of a bullish impulse pushing price steadily higher. In which case, a new analysis to the upside would be required.
David Alcindor, CMT Affiliate #227974
- Alias: 4xForecaster (Twitter)
All proximal targets have been hit as forecast this past summer 2016:
As price continues its ascent, it crossed and validated the once-resistance-now support level corresponding to the Geo's Off-Set Rule #3 level. Bullish forecast remains in force and intact, although the Geo's Off-Set Rule completed its highest probability target. What remains should be considered a lesser probability outcome:
Price remains bullish. Per Geo's Offset rules, #2 is complete (highest probability attainment based on 5'' validation). Original target at price level of Point-4 is now a lower probability target ever since 5' was replaced by 5'' validation, as per the same rule. Still, price remains bullish:
As you know by now, I would rather offer the highest-probability secenario, even if this means much smaller gains that ones that could be promised, but undelivered from lesser probability scenarios. In the context of this chart, the price level of Point-3 represents the highest -probability scenario, whereas any other advance would have to prove itself in deed.
The one provable deed I would like to see is a retracement from the first RED target (small red square along the lower border of the Point-3 range, defined as 15.274) in a corrective pattern in Elliott Wave terms, as it would represent a coiling pattern preparing for a larger-degree of impulse, as well as a validation of price along the 1-3 Line.
An EARLY INVALIDATION of this can be expected IF price retrenches from the Point-3 level to a level that exceeds the origin of the impulse bars (the three most recent bars are what constitute the impulse, with an origin that stems approximately from the 3-5' Line.
I hope I have kept this clear.