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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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