hi friends,
is there any bullish wolfe in gmr?
vsangeeth
In a wolfe setup the following things should take place:
1) The 1-3-5 and the 2-4 trendlines should be converging or at the best parallel. This criteria is fulfilled in your case. Those two are parallel.
2) The time gap between the points 1-3 and 3-5 should be equal or comparable. This is not there in your case. They are widely different.
3) Point 5 of your graph should touch the 1-3-5 trendline. Here it hadn't.
And, a leg of long candle extended below your 1-3-5 trandline which is under no circumstances allowed in a wolfe setup. I've attcahed your chart again with modifications and my comments.
So, it doesn't qualify as a wolfe setup. I would advice you to go through the threads on this forum on wolfe waves where experts have shown how a wolfe setup looks like through examples. That can give you a solid idea. Also wolfe setups are very rare. You can get only one or two if you scan the daily charts of all the companies listed on the NSE for the past 6 months.
However if you are a day trader, you'll get many. Since I don't day trade, I don't track those intraday charts.
