Wolfe Wave

[timepass]

Nope...they can be symm triangle...

Wishful thinking on my part .. Yes, the lines aren't converging really.

 

[sunny_cool]

For Bearish WW.... point 1<3<5
while this is not the case in your chart

Nifty Futures - 60 minutes. Could it be a bearish WW ??

 

[prst]

In my opinion Bharti can be Bullish WW
Volume on point 3 is high & volume on point 5 is also double as compared to other surrounding days
Lets see how it pans out....its learning phase it can be other good lesson

point 3, a long legged doji, could be a reason for some confusion.
should the 1-3-5 line connect the exact lows or can just pass through one of them?
we need to check manual for its explanation.

 

[Arjun20]

deleted...posted below

 

[Arjun20]

In my opinion Bharti can be Bullish WW
Volume on point 3 is high & volume on point 5 is also double as compared to other surrounding days
Lets see how it pans out....its learning phase it can be other good lesson

Sunny, u had made a mistake in wave count.
You have taken point 4 on decline from 2-3.
4 should form on a rise after point 3


@Sunny and PRST :
This is a wave with spikes. Technically our set up is complete as soon as price equals or exceeds point 3. But make a note, that 1-3 is very steep here and spike is added complication.
If u are a newbie, better to refrain from this set up.

 

[sunny_cool]

Thanks Arjun for pointing.... I got your point about point 4....Point 4 should be after point 3 :thumb:

Arjun I didn't get what you are telling about setup at point 3 (price equals or exceed)...Please elaborate

& as mentioned in post#1 ....I am a learner & same thing I mention while posting Bharti chart that it can be WW & it can be new lesson to learn

Thanks for mentioning the mistake

Sunny, u had made a mistake in wave count.
You have taken point 4 on decline from 2-3.
4 should form on a rise after point 3


@Sunny and PRST :
This is a wave with spikes. Technically our set up is complete as soon as price equals or exceeds point 3. But make a note, that 1-3 is very steep here and spike is added complication.
If u are a newbie, better to refrain from this set up.

 

[Arjun20]

Thanks Arjun for pointing.... I got your point about point 4....Point 4 should be after point 3 :thumb:

Arjun I didn't get what you are telling about setup at point 3 (price equals or exceed)...Please elaborate

& as mentioned in post#1 ....I am a learner & same thing I mention while posting Bharti chart that it can be WW & it can be new lesson to learn

Thanks for mentioning the mistake

Sunny,
this Bharti is a wave with spike, so keep it aside so that i can explain

Arjun I didn't get what you are telling about setup at point 3 (price equals or exceed)

see, in normal waves, as soon as u price equals or pass point3, your wave structure is 'theoritically' complete. That does not mean that u should immediately jump in trade. You should be on look out for heavy volumes and be prepared for possible over throw.

Now, waves with spike are somewhat difficult to trade. If u see line 1-3 is a steep : indicating trending behavior.
Also, the things which are not favorable are :
1. Volumes - No heavy volumes are seen at probable(?) point 5.
2. If u see carefully NSE chart, point 4 is below point 1
3. I prefer to draw trend lines considering spike. If i draw like that, then i am getting it as 'Diverging' channel.

No harm in tracking this set up. This set up may succeed.But being a learner, initially track good structured waves .

& as mentioned in post#1 ....I am a learner & same thing I mention while posting Bharti chart that it can be WW & it can be new lesson to learn

Nothing wrong in posting charts which u feel have probable set up. Please come with many more charts, beacuse they will teach us to select good structured waves from ocean of waves. So keep posting
( Note- i am also a learner :thumb

 

[prst]

Sunny,
this Bharti is a wave with spike, so keep it aside so that i can explain

see, in normal waves, as soon as u price equals or pass point3, your wave structure is 'theoritically' complete. That does not mean that u should immediately jump in trade. You should be on look out for heavy volumes and be prepared for possible over throw.

Now, waves with spike are somewhat difficult to trade. If u see line 1-3 is a steep : indicating trending behavior.
Also, the things which are not favorable are :
1. Volumes - No heavy volumes are seen at probable(?) point 5.
2. If u see carefully NSE chart, point 4 is below point 1
3. I prefer to draw trend lines considering spike. If i draw like that, then i am getting it as 'Diverging' channel.

No harm in tracking this set up. This set up may succeed.But being a learner, initially track good structured waves .



Nothing wrong in posting charts which u feel have probable set up. Please come with many more charts, beacuse they will teach us to select good structured waves from ocean of waves. So keep posting
( Note- i am also a learner :thumb

Thanks Arjun for the explanation.
regarding spike, we should trade only if the spike (at point 3 in this case) is not far from the normal trandline 1-3-5. am i right. ?
but in bharti, the doji has moved a bit too far.
another thing i observed, is that in most of our charts that we anticipated to be WW, point 4 was below or same level as 1. I guess this is a common newbie mistake.

 

[prst]

Sunny,
this Bharti is a wave with spike, so keep it aside so that i can explain

see, in normal waves, as soon as u price equals or pass point3, your wave structure is 'theoritically' complete. That does not mean that u should immediately jump in trade. You should be on look out for heavy volumes and be prepared for possible over throw.

Now, waves with spike are somewhat difficult to trade. If u see line 1-3 is a steep : indicating trending behavior.
Also, the things which are not favorable are :
1. Volumes - No heavy volumes are seen at probable(?) point 5.
2. If u see carefully NSE chart, point 4 is below point 1
3. I prefer to draw trend lines considering spike. If i draw like that, then i am getting it as 'Diverging' channel.

No harm in tracking this set up. This set up may succeed.But being a learner, initially track good structured waves .



Nothing wrong in posting charts which u feel have probable set up. Please come with many more charts, beacuse they will teach us to select good structured waves from ocean of waves. So keep posting
( Note- i am also a learner :thumb

arjun,
another confusion I had was regarding parallel channels.
some of the charts at voodootrader are appearing like parallel channels.
can we consider them also as valid WW?

 

[Arjun20]

Thanks Arjun for the explanation.
regarding spike, we should trade only if the spike (at point 3 in this case) is not far from the normal trandline 1-3-5. am i right. ?

hey....not like that. Whether spike is far/close to TL is immaterial.

I am referring to slope of TL 1-3. If it's steep with a spike, don't attempt.