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Wolfe Waves



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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