Not implying anything here (more of an academic post), but just presenting an hourly chart of NF below, of what looks like a Bearish Wolfe Wave happening! Now for this to take effect, the same rules apply as mentioned here, so we wait for THE CONFIRMATION!
If you are new to Wolfe Wave I suggest take your some time and read!
Once again I repeat patterns are not lines in stone, they do fail and you DO always have a STOP in place!
Shanghai Composite (SC) has successfully for now not only defended the 200 periods MA but also retraced 38.2% from the lows! It is now staring back at support turn resistance at 3000 mark! A break above form here can go to 3155/80. On the other hand a failure here will necessitate a retest of the 200 MA!
Btw I have marked a positive divergence in the green arrows just to illustrate how the divergence works and why it’s many a times called a leading indicator!
Many of us have already heard this story in many of its variations, but then a good story is a good story and meant to be enjoyed over and over especially when you know it’s a poke in your face!
Any plans to change how you go about living your life? I am already at it…amen!!!
