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Here's the rules for bullish Wolfe Waves as I use them for entry and exit
(reverse everything for bearish waves):
Wave 2 is always a short-term top,
Wave 3 is the bottom of the first move down,
Wave 1 is the bottom of the wave preceding Wave 2,
Wave 3 has to be lower than Wave 1, but it does not have to
be (note: Bill Wolfe would disagree with this),
Wave 4 is the top of the move away from Wave 3,
Wave 4 has to be higher than the bottom of Wave 1,
a trendline is drawn from Wave 1 through Wave 3 to project the point of
entry, Wave 5, and
a trendline from Wave 1 through Wave 4 projects the target where you get
out of the trade.
The above rules 1-8 were obtained from a search
engine regarding wolfe wave. Do not know accuracy of above as I am not
familiar with these waves.
This pasting stuff is not my specialty.Ignore
10,11,12. Acutimer
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
<A title=MikeSuesserott@xxxxxxxxxxx
href="mailto:MikeSuesserott@xxxxxxxxxxx";>MikeSuesserott@xxxxxxxxxxx
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Friday, November 01, 2002 7:25
PM
Subject: [RT] A Wolfe Wave
Hi John,Wave 4 must be lower than Wave 2 for
bullish Wolfe Waves - those that set uplong positions. For bearish ones,
the reverse is true. You can find a briefdescription plus chart
illustration at<A
href="http://www.wolfewave.com/an_illustration_along_with_the_rules.htm";>www.wolfewave.com/an_illustration_along_with_the_rules.htmwhere
you can see that the #4 point is lower than #2.An excellent
explanation of the basic rules, with examples, can also befound in the
Raschke/Connors book, "Street Smarts".Best wishes,Michael
Suesserott> -----Ursprungliche Nachricht-----> Von: jdfo
[mailto:jdo1@xxxxxxxxx]> Gesendet: Saturday, November 02, 2002
00:47> An: realtraders@xxxxxxxxxxxxxxx> Betreff: Re: [RT] A
Wolfe Wave>>>
Mike:>> Do you consider this to be a
true Wolfe Wave? I thought one of the> requirements was that Wave 4 had
to be higher than Wave 2. Is this not> correct
?> Why don't you give us your thoughts on what
these requirements are,> within the limits of what you can
relate. I guess this is why> you took the>
course.>
Thanks,> John O.To
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