Another Wolfe Wave - Is major correction ahead?

[gvnarendra]

Correct me if I'm wrong, but isn't it first necessary for the price to cross the point 1 to 3 trend line before a correction as predicted by Wolfe Wave kicks in? Please clarify.
Regards
Kuldeep

hi kuldeep,

yes it has reach the trendline connecting 1 and 3, which it did today.now 61.8% of the fall which comes to around 3320 which was taken out with a gap today is important to hold in coming sessions for further advance to 3500 region.else wolfe wave pattern can come into effect. i think i posted it one day early

regards,
gvnarendra.

 

[chheda]

hello guys,

this is my view of wolfe wave for nse.see the attached chart.the target of first wolfe wave was reached some days before. Now there is a new wolfe wave formationon hourly chart which is similar pattern to 8th and 9th chart in this link.http://www.chart.nu/wolfewave.htm.Going ahead,there is a firm resistance at 61.8% of the whole fall from may.if this holds it could possibally test 3050 region where it might hit the wolfe wave target line.

regards,
gvnarendra.

Hi

Please find attached chart with some different view.

1 - Wave 2 to 3 is 123.6% of wave 1 to 2
2 - Wave 3 to 4 is 38.2% of wave 2 to 3
3 - Wave 4 to 5 is 161.8% of wave 3 to 4
4 - wave 4 cross horizontal line from wave 1

Harish Chheda

 

[kuldeep49]

I think a lot of trying to fit the chart to one's thinking is going on here because I see too many different points of view emerging. Like going to too many doctors ... lawyers ... engineers ... chartists. Personally, I am not ready to cry 'Wolfe' as yet.

 

[aad]

I think a lot of trying to fit the chart to one's thinking is going on here because I see too many different points of view emerging. Like going to too many doctors ... lawyers ... engineers ... chartists. Personally, I am not ready to cry 'Wolfe' as yet.

Yes... I agree with Kuldeep49... We should not try to look at the market as per our open position..

This does not help in the long run... we lose to many good opportunities and concentrate only on move in our "desired" direction.

This is just a friendly suggestion. I do not mean that those who have posted here have such bias... but this is what I have observed (and also done in past)...

Abhay

 

[sudoku1]

http://www.traderji.com/derivatives/88644-n-i-f-t-y-compass-2.html#post837534