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Got an answer on the Arduino forum. The 5v pin can be both input and output, in this case it's input. The 3.3v pin is output only. So we have both 5v and 3.3v coming into the logic shifter.
Thanks for the explanation and the diagram.There's one thing I curious about, why should the LV pin w/ 3.3V run back to the 3.3V pin on the Wemos? Does the Wemos need power on both 5V and 3.3V? Are both pin for power going into the board?
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