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Message-ID: <344AE715.275D133F@xxxxxxxxxxxx>
Date: Mon, 20 Oct 1997 00:07:33 -0500
From: Robert Doeden <bdoeden@xxxxxxxxxxxx>
Reply-To: bdoeden@xxxxxxxxxxxx
Organization: MindSpring Enterprises, Inc
X-Mailer: Mozilla 4.02 [en] (WinNT; I)
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To: Harley D Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
Subject: Re: Wolf Wave
References: <344ad0441a77464@xxxxxxxxxxxxxxxx>
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I happen to follow WSTL and a quick look at it using other technical indicators
gives me a favorable picture. You risk should be fairly low with support in the
18 area and a move above 22 3/16 would be a reversal of its recent downtrend.
The stock acted well on Friday. While the daily OBTR(On Balance True Range) is
still quite negative the hourly OBTR is starting to turn up. May buy a few
shares myself. Thanks for the idea.
Bob Doeden
==========================================================
Harley Meyer wrote:
> 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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