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the recent picture painted by the spx is not one of an orthodox WW pattern.
i believe that the trend line of 1 to 3 and the trend line of 2 to 4 must
converge. also, point 5 is [usually] below that of point 3. in both cases
the current pattern fails.
this doesn't mean that the pattern doesn't hold bullish implications. only
that it's not a strict WW pattern.
for a brief period in 1995 i worked together with brian wolfe, bill wolfe's
son. what little i know about wolfe waves i learned from brian. but i am
not a wolfe wave expert or even a practitioner and so i might be off here.
dan chesler
(i re-attached your chart to this message for reference)
-----Original Message-----
From: R.E.Turner <rturner@xxxxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, March 20, 1999 5:45 PM
Subject: Re: Wolfe Wave on SnP
:Slight correction of my interpretation of the WolfeWave numbering scheme,
:as gleaned from "Street Smarts" and the basic architecture faxed to me by
:Wolfe. Comments by someone who actually studied under Wolfe would be
:helpful since it appears that there are projection and predictive qualities
:to the Wolfe Wave.
: Russ-----Original Message-----
:From: R.E.Turner <rturner@xxxxxxxxxxxxxxxxx>
:To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
:Date: Saturday, March 20, 1999 8:25 AM
:Subject: Re: Wolfe Wave on SnP
:
:
:>Kevin,
:> My interpretation ofr the Wolfe Wave is slighlly different. We're
not
:>quite to the top of Wave 6 on the SnP, with a potential for a down
:>Wave 7(or shifting one cycle to the right, 7 becomes a new 5). The top
of
:>Wave 6 is closer to the trendline drawn from point 1 through point 4.
:Again
:>just my interpretation, never took Wolfe's $2500 course
:>Russ
:>-----Original Message-----
:>From: Kevin Shin <kalalex@xxxxxxxxxxxxx>
:>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
:>Date: Saturday, March 20, 1999 2:57 AM
:>Subject: Wolfe Wave on SnP
:>
:>
:>>I wonder if there's any Wolfe Wave follower.
:>>It seems like SP's posing for the wave setup.
:>>I'm not saying that we saw the top by any means.
:>>
:>>
:>>
:>>
:>
:>
:>
:
:
:
Attachment Converted: "c:\eudora\attach\WolfeWave32.gif"
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