(Click On Charts To Enlarge)
From yesterday:
"The basic idea behind a Wolfe Wave is that the market is stretched in one direction to the point that Wave 5 turns out to be a fakeout, and the market reverses and heads for the Target Line (#6), usually in a sharp, snapback fashion.
VPHM is a "possible" Bearish Wolfe Wave."
This morning's downside reversal was very sharp, with VPHM down over 20%. The Bearish Wolfe Wave target MADE at 10.39, and was exceeded on the downside.
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