Melf's Workshop

Tuesday, May 6, 2008

UYG - Bearish Wolfe Wave Breakdown

(Click On Chart To Enlarge)

Gap down at the open, below the Wolfe Wave. The target line (yellow...#6) looks to be at about 32.50 - 32.60 currently. I can't measure it precisely on these hourly charts, like I can on the Metastock charts.

Melf Elf at 5/06/2008 09:46:00 AM

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Melf Elf: Blog Purpose: To share with others what I know about technical analysis and about trading. I am not licensed to give financial advice. I never do so. I don't try to "predict" the market. I try to FOLLOW the market, as best I can. I honestly don't know how high or low a stock is going. I'm not a psychic. I mainly look at chart patterns, trendlines, support and resistance. If a pattern breaks out or breaks down, that gives me a price target that is IN PLAY. That doesn't mean that the target will get MADE. Some do. Some don't. While I try my best to answer questions that are directly related to any of the posts that I make, I don't have time to give individual tutoring. Please check bookstores, libraries and myriad sources on the internet on the subject of technical analysis and take advantage of those resources. Thank you for visiting my blog. I hope that you are able to learn something while you are here.

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Tuesday, May 6, 2008

UYG - Bearish Wolfe Wave Breakdown

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