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Nice trade romik ! Good to see these WW's do work, even on a 1 minute time frame :cool: I have found a good intra-day time frame to look for them is the 15 minute chart.

A chart of the $VIX vs cash Dow i sketched up this morning...note the green horizontal line on the $VIX chart at the 11 level...

HolyGrail - Thanks for the clarification... sounds like we are in general agreement. This 2 year channel is a big pattern in the scope of things. Question is, how will it resolve over time. I think the market is inching closer to a corrective phase, will that initial impulse down...

HolyGrail - I agree, and that is why I have never warmed up to EW, it's just to slippery (arbitrary) in actual use. The WW pattern just seems very natural to me, similar to a bull or bear flag might be to you. Perhaps you see a nice bounce off a fresh low in a downtrend and just say, yeah thats...

I agree with HolyGrail, the initial scan of the weekly time frame is picking up the existing strength of the daily trend, in hindsight. And as you are discovering, rarely will the market provide a convenient pullback for entry on the daily time frame within a strong impulse trend move. You...

HolyGrail - I suppose one could make a similar argument about most any technical indicator or chart pattern. Each has produced a probability of success and failure in the past. Although I do not have hard statistics on the WW pattern, anecdotally, in my experience the WW pattern is valid and...

romik - I am not understanding where in the 5 wave pattern the bear flag is supposed to form ? In my study of the Wolfe-Wave pattern, I have not encountered any mention of a flag forming or required within the pattern. The basic idea is 3 pushes up, point 5 at or above the upper channel...

Interestingly, if you look at the leftmost side of the chart, there was a perfect wolfe-wave reversal low that formed during 2004 (between Feb '04 and Feb '05.) 3 lower lows, the point 5 reversal (Oct '04), and the pattern completion high came in exactly at the 1-4 up trendline extension...

The Wolfe-Wave pattern is a trend reversal pattern most commonly found in the more basic rising or falling wedge pattern. In an uptrend, you look for a sequence of 3 higher swing highs, also the second swing low (point 4) needs to drop below the Point 1 High. This forms the down trendline...

Will the market make a new high before year end ? Will the current bull trend extend into 2007 ? Is the 4 year up-trend over and the top already established ? We will discover these answers in the days and weeks ahead... I would like to share the following weekly chart of the Dow-30 Index...

I am all for the power of positive thinking and setting goals, but I do not agree with the assertion that a new trader starting at 1 contract will be easily trading 50 contracts within one year. Certainly, a trader can average 1 point of profit per day in the ER2 contract. A net profit of...