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RE: [RT] Wolfe Waves



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This is a tale of two Wolfe Waves. All charts are 15 minute. Upper left is ES ... note the slope of the upper line which is so shallow that it fails to catch the really significant reversal retracements at 162% and 200% ... it will clearly have to exceed the upper line by quite a bit to reach the 1320 potential reversal area. Lower left is NQ ... note the slope of the upper line which is steep enough to catch the significant reversal retracement area around 1624 without a huge run above the upper line. On the right we have AD volume oscillators which are running overwhelmingly bullish. In my view, the NQ WW is far more likely to work.
 
Conclusion ... I believe it is important to have a fairly steep upper line in order for the WW to hit the extreme retracement zone required to offer a low-risk reversal. Let's see how it works out.
 
Earl
 
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