Wolf wave in Bajaj Auto

[hitesh]

Is there Wolf Wave Pattern in Bajaj Auto Weekly Chart ?

Weekly Chart of Bajaj Auto attached.

Seniors are requested to give their views.

 

[thetraderstop]

no ways as far as i know for sure it ia not wolfe.

 

[RSI]

no ways as far as i know for sure it ia not wolfe.

Please give reasons for your conclusion/answer so that every one can learn.
Regards
R. S. Iyer

 

[winstonn]

Hi all,

the chart is not of wolfewave.

point 3 is above point 1 and hence there is no 1-3-5 down sloping trendline.
What our friend has plotted is merely five different swing points.

Regards,
Winston

 

[Ajax]

Hi

Investor is bullish by basic instinct. Thats why always sees and imagines
bullish pattern even when none exists.

Relook at same Bajaj auto weekly chart with bearish markings and
see the downside.

Why did look u look @ weekly chart in middle of the week. It should be
at end of week i.e. after 3.30pm friday. ANd u should have patience to
hold to your positions for weeks.

Which one is correct?????????

regards

Ajax

 

[winstonn]

Hi Ajax,

you too have wrongly plotted this Ww, Ww's cant be found in triangles.
You have plotted downward sloping1-3-5 Trendline for bearish set up which is reverse.

Those who have bullish set up: 1-3-5 TT must be downward sloping
Those who have bearish set up:1-3-5 TT must be upward sloping

 

[Ajax]

Hi winstonn

I fully agree, niether is a valid Wolf pattern.
I was only trying to highlight the mindset.
People are jumping gun and seeing patterns to suit their convenience
and state of mind

Bajaj auto weekly to me appers a triangle with downwards breakout

regards

Ajax

 

[hitesh]

Hi,

Thanx Winstonn and Ajax for the feedback.

I agree that it is not a wolf wave.

It was a good insight. Thanks again

Regards