Let's look at the 2 Wolfe Waves here which are different but very much trade-able .
The Wolfe Wave on the Left is a Typical Wolfe Wave with points 1 to 5 ,where price made a correction at point 5 and is very clear as RSI was spot on with Long term Divergence ,also look how Price made a correction Dead on the Extended 1-4 line, IF you took note of this Wolfe Wave you would also see the all the points 1-2,,,2-3,,4-4 and 4-5 all had an ab=cd move .
Now lets look at the Wolfe wave i am following on the Right Side this is a discovery by David Alcindor where he mentions an extended Point 5' and 5'' where you copy the trend line of Point 2-4 and place it on Point 3 as indicated on my Chart , the difference between these 2 Wolfe Waves is all though you have divergence as we see on RSI now and many traders will use this as a short Trade but this Wolfe Wave needs to have an ab=cd completion on Points 5 to 5'
If i am wrong i will then look for a Up Down Fractal on the Daily and place a Buy and Sell Limit .
The Wolfe Wave on the Left is a Typical Wolfe Wave with points 1 to 5 ,where price made a correction at point 5 and is very clear as RSI was spot on with Long term Divergence ,also look how Price made a correction Dead on the Extended 1-4 line, IF you took note of this Wolfe Wave you would also see the all the points 1-2,,,2-3,,4-4 and 4-5 all had an ab=cd move .
Now lets look at the Wolfe wave i am following on the Right Side this is a discovery by David Alcindor where he mentions an extended Point 5' and 5'' where you copy the trend line of Point 2-4 and place it on Point 3 as indicated on my Chart , the difference between these 2 Wolfe Waves is all though you have divergence as we see on RSI now and many traders will use this as a short Trade but this Wolfe Wave needs to have an ab=cd completion on Points 5 to 5'
If i am wrong i will then look for a Up Down Fractal on the Daily and place a Buy and Sell Limit .