The Wolfwave Pattern / Why walk with bulls - run with the wolves!

[Melf Elf]

Thanks Melfelf for your directions I think I get the point let's see if I can come up with something else may be a right one this time.

acklide,

Yes, keep trying.  Your find of KOMG on page 3 was very nice, so you definitely have the right idea.  Don't get discouraged.  As calven said, these patterns are difficult to find becasue they don't occur real often.  When we do find them, though, they should be obvious.  Calven said, "If it isn't obvious, it isn't a Wolfe Wave."

IYou might also want to review my post at the bottom of page 3, to understand the psychological dynamics of the Wolfe Wave.  In my view, "If just about everyone isn't getting screwed (the false move to Wave #5), it isn't a Wolfe Wave."

   

That's the "imbalance" of which calven spoke.  At the false move to Wave #5, the market appears to have shown its hand and declared its intention about the direction that it wants to take, and it's exactly wrong. 

Instead of being the beginning of a move down, its THE low.  Or, instead of being the beginning of a move up, it's THE top.  Most players are caught completely "off balance," looking in the wrong direction.

These Wolfe Waves are little devils, aren't they?

   

I forget who said something like, "The stock market is designed to disappoint the greatest number of people possible," and that certainly is a good description of what a Wolfe Wave does.  That also helps us to understand better why the move from Wave #5 to Wave #6 is so dramatic and so profitable.

"The least number of people possible recognize it, and play it correctly."

It sure would be fun if we all could catch one of these #5-#6 waves, wouldn't it? 

   

[Melf Elf]

RE: QTWW, I'm thinking that you might run into resistance at 4.36-4.47, then right above that, at 4.48-4.52, and the stock is "ahead of itself" with the 50/200DMAs out of position.

QTWW charged  through BOTH of those resistance levels right from the open.  These WWs sure can be powerful. 

QTWW currently is BID 4.66...ASK 4.68, up a very nice 11% on the day.  Good for calven! 

[calven]

Target of 6.50...

Will sell at 6.25 as I like dont want to get too picky...

800 shares @ 3.79 

Sitting on 23% gains now -Trailing Stop at 4.00

[Melf Elf]

fous' ACLS looks to be a Bullish Wolfe Wave.  A pullback to the gap and the 200DMA might be a nice entry: 5.83-5.93.  If this is the Bullish WW that it looks to be, it might not get that low, since these WW breakouts can be so powerful.

[calven]

The "Lead In" isnt very strong on this one but it seems to fit the pattern...point 5 is also a false break.  What do you guys think- maybe I am just seeing things...


ATAR

[nberski]

ATAR
The symmetry on my chart makes me dizzy - or it could be the black and tan I have been mixing up - I don't know.  Cannot bisect the lines but might be a money maker anyway. i WILL CHECK WHEN i AM SOBER.

[thai626]

The "Lead In" isnt very strong on this one but it seems to fit the pattern...point 5 is also a false break.  What do you guys think- maybe I am just seeing things...


ATAR

I don't think so Calven.  There is no symmetry from what I can see.  It's close but not quite.  JMO though.

Melf Elf,
Is your name Melvin?  It's weird calling you melf elf every time I write.............but  o well.  I second that ACLS......i'd say that's a wolvewave but what do I know.

Thai

[calven]

QTWW doing NICELY!!! Already approaching the 1-4 line!!!

[Melf Elf]

What do you guys think-
ATAR

calven,

I'd have to label that a "plain vanilla" broken Symmetrical Triangle, especially because the re-test of the pattern breakdown and the failure right there was so exact.

The H&S Top target MADE, so the bottom could be in, though.  Possible "mini" Inverse H&S forming? 

. i WILL CHECK WHEN i AM SOBER.

Rule #87: NEVER try to look at a Wolfe Wave while sober.    

It's weird calling you melf elf every time I write.............but o well. I second that ACLS......i'd say that's a wolvewave but what do I know.

Thai,

You can call me Melf.  Or, you can call me Elf.  Just don't call me late for dinner. 

Badda bump!   

[calven]

I dont know guys but I really think ATAR is forming a mini WW.


In other news: Friend of mine got hit by a roadside "IBD" bomb in Iraq yesterday. (while I was sleeping) Thank god he is still alive. Lost his right eye and half of his face. Terrible news, but its certainly better than losing him all together. Probably wont be around here much for the today and tomorrow. Good luck guys....

cal

[thai626]

I dont know guys but I really think ATAR is forming a mini WW.


In other news: Friend of mine got hit by a roadside "IBD" bomb in Iraq yesterday. (while I was sleeping) Thank god he is still alive. Lost his right eye and half of his face. Terrible news, but its certainly better than losing him all together. Probably wont be around here much for the today and tomorrow. Good luck guys....

cal

That is horrible news Calven.  I'm sorry to hear that.  People (especially the prez) don't really seem to care what happens in IRAQ.  I bet if you throw his daughter there..........he'll have a different opinion.  Usually, it takes an accident that hits close to home before they really understand the consequences of war.

Thai,

You can call me Melf. Or, you can call me Elf. Just don't call me late for dinner.

Badda bump!

Ok.....I'll call you Melf. By the way, I don't eat Elves.............if you were Melf Duck, I can call you dinner. 



Cool......>Now I can <appluad>............................Let me applaud you guys Calven and Melf...you guys have done great analysis!

[ScottishTrader]

Any thoughts on yesterday's action on QTWW?

Bought in on Tues at 4.79, and everything look set for a solid run into $5+, then it just fell off the end of an intraday ascending triangle addn crashed out!!  Big ugly red candlestick   I see that it hit support at its low around 4.45. But it was real ugly.

I realise that after such a serious little run, at thee first sign of weaknes, holders are likely to take profits, but do you think it still has legs to make the target? (I suppose only time will tell, but is always nasty to see a nice little profit turn into a loss - was happening all over the place yesterday )

[calven]

Recent QTWW candles look terrible. I will continue to hold regardless: both as a testiment to my faith in the WW and because Im up so much percentage wise that I can afford to let this run...

In other news my friend "Andrew Neumeyer" lost an eye and part of his face. Hes getting a steel plate put in his skull to recontruct his face. I know one things for sure. I dont really care how he looks, I just want him home, safe and sounds. Hes been through enough - hes in stable condition and doing better but still not out of danger yet. Keep him in your prayers!

thanks
cal 

[Melf Elf]

Often, it's daunting for a stock to make much progress into the Kumo (Cloud), if any, on the first attempt.  You can see evidence of that last February/March on this chart.  Price penetrated it, but was repelled and the stock continued lower.

calven,

That's a tough one! 

QTWW went much farther into the Kumo (Cloud) on its first attermpt than I thought it would, but it has given back all of this week's gains.  That was an ugly Bearish Engulfing candlestick on Wednesday, as Scotsman said, and it was on the heaviest volume since last June.

We'll see how it finishes this week, but as it stands, it looks like a Long-legged Doji Star reversal.

I'm very sorry to hear about your friend, Andrew.  He is in my prayers.

[thai626]

This looks like a wolvewave to me.  If you remember in a while ago, I did post this chart before but the wolvewave had not formed yet.  This time, it looks like a pretty valid wolvewave pattern.  Although we can't short this stock, I'm just posting it for those people who might want to sell it if it's in their portfolio.  Good luck everyone!

P.S.  The chart isn't drawn to scale, so it could possibly go a bit lower than my target point on the chart.