1. Number 2 wave is a top.
2. Number 3 wave is the bottom of a first decline.
3. Number 1 wave is the bottom prior to wave 2 (top). Point 3 must be lower than point 1.
4. Number 4 wave is the top of wave 3. The wave 4 point should be higher than the wave 1 bottom.
Chart is conforming with the standard wolfe wave requirement.
Today's candle is poised to be the entry point for a ride to the epa line (1 to 4). SL is 5126
(recent low - 10)
ChartNexus chart is better in drawing; first oval is point 3 & second oval is expected point 5
for a bull set up ; SL 5080
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ReplyDeleteMr. Vinay Paranjape (who inspired me to look into wolfe wave) suggested ENTRY is VALID above 5090.
DeleteAccordingly, SL is to be revised downward.