Jump to: Pattern Result
Date and Arrival Time: 2020-11-10 09:55
Symbol Name: HDFC
Pattern and Direction: Wolfe Wave – Completed – SELL
Pattern Completion Price: 2220, Pattern Ideal Completion Price: 2218.40
A Completed Wolfe Wave has arrived at 09:55 am. The coordinates are:
This is a pattern with a formation span of 2 starting from the 2020/1106 – 2020/11/10
There is a potential Sell at 2220. A safe stop-loss for this Wolfe Wave can be kept at a 1% level above 2220.
Update: Nov 11 – Pattern Invalidated
This Wolfe Wave was invalidated on the 10th Nov – let’s take a look at some of its characteristics:
The Wolfe Wave showed an initial completion at 09.55 at price 2220 , however the completion price continued to ‘slide’ upwards as the price remained in the tolerated range of an Ideal Completion.
This is due to the fact that the Wolfe Wave does not have Fibonacci criteria like Harmonic Patterns. Even at 11.45, at price 2237.35, the Wolfe Wave was valid with respect to an Ideal Completion of 2233.80.
Generally, traders are warned to avoid Wolfe Waves which exhibit this ‘sliding’ phenomenon, as it indicates a strong (in this case, bullish) overall price movement, and going against this movement may prove risky.
Below, we can see the tolerated stop losses for the first arrival of this Wolfe Wave, as well as for its final completion at a later time 11.45am.
