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Harley,
Thanks for the info. I'm not sure I understand the logic behind this
pattern. Do you think that it's just that the stock can't make up it's mind
which way to go, but will break out somewhere <G>.
Jim
-----Original Message-----
From: Harley Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
To: lissen@xxxxxxxxxx <lissen@xxxxxxxxxx>
Cc: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>;
randy@xxxxxxxxxxxxxxxx <randy@xxxxxxxxxxxxxxxx>
Date: Sunday, October 19, 1997 11:44 PM
Subject: Re: Wolf Wave
>Lionel,
>
>LOL. Anyway
>here is the original post which I should of sent out. This all that I know.
>
>The person that wrote this was Mark. He tried to explain what the .gif
shows.
>It seemed to fit in so well with the trend channels.
>
>Harley
>
>---------------------------------
>
>
>
>This is my first post to this forum. As a new member I have been observing
>for some time and enjoy the commentary very much. I would like to submit a
>trade I am going to enter today, along with the method I used to reach this
>decision.
>In Linda Raschke and Larry Connors book "Street Smarts", there is an
obscure
>pattern called a Wolfe Wave which is a series of a high, a low, a higher
>high, and a lower low. This works out to form a type of triangle pattern.
>The stock I have found exhibiting this pattern as of late is WSTL(Westell
>Technologies).
>
>On 8/26 WSTL closed up 3 points to test recent highs, immediately falling
>back to a swing low at 22, closing the day at 22 1/2, this is labeled point
>1 on 8/29. At this point I did not know that would be point 1 until the
>stock then turned up again to 26 on 9/10, which would become point 2, an
>isolated high. WSTL immediately turned south again to 21 7/8, you guessed
>it, point 3, on 09/24. Again, WSTL moved back upwards to 24 7/8 on 10/01,
>forming point 4. It was at that point that I caught the stock, and
>identified the Wolfe Wave pattern moving back through the chart. I
>projected a move down to the 20 area, which would form point 5. Well, that
>level was reached on 10/14 exactly as the pattern predicts! Yesterday
>10/15, the stock moved up sharply to close at
>21 3/8. The pattern is complete, and we proceed to draw our triangle. We
>do that by drawing a trendline from point 1, through point 4, and another
>trendline from point 1 again, through point 3. Notice how point 5, the 20
>level lays exactly on this trendline. From this we can project an upward
>move to 24++ in the short term. Let's see how it plays out!
>
>I would appreciate feedback on this trade from anyone familiar with this
>pattern, or other TA's who have an interest in exploring this pattern
>further. I understand it is very effective intraday with the S&P's, but I
>have no experience with it in that arena.
>
>respectfully yours
>
>Mark
>Harley Meyer
>meyer093@xxxxxxxxxx
>
>
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