Wolfe Waves
If you have read Street
Smarts by Laurence Connors and Linda Bradford Raschke, you
probably remember that one chapter briefly talks about “Wolfe Waves.”
When I read the chapter more than a few years ago, I was quite impressed with
the concept. I was determined to find the waves on different time frame charts,
such as weekly, daily and intraday. But the problem was I could not spot the
waves so easily. I was depressed and upset. Eventually, I gave up the idea of
finding “Wolfe Waves.”
Last night, coincidentally, I received a phone call from a friend. He told me
that the NASDAQ is ready to go down because the number 5 Wolfe Wave has formed.
He also mentioned the projected target area is slightly below 2000. I asked him
if he uses the Wolfe Waves regularly. The answer was “no,” but he
added this is an intriguing trading method. What do you think?
Have a nice Memorial Day weekend.