Following up on my previous post on the Wolfe Wave, today we saw an example of one on the SPY 5min chart. I wasn't able to capitalize on it, as I didn't catch on until after the 5th swing was made, but it's still pretty cool!
We didn't make it to the measured move 1-4 line as price got hung up on the opening price (which corresponded with the 1-swing. Everything was in place though, right down to the increase in volume as the 5th swing was made.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.