For those traders familiar with the Wolfe Wave technique, it rarely, if ever, fails. Once properly identified, backtesting shows an accuracy unmatched by no other. Its such a simple technique, yet requires training the eye to spot.
Much like painting, it's subjective in terms of charting.
Presented here is a Bearish wave, where the structure points upward. Long...
The index is holding on to the upward channel is has been trading in since May. Sell offs like the previous days offer entry opportunities. A break below the channel (which also coincides witht eh 50ema) can turn momentum sour.
As of now, however, price action remains largely positive.
