In the previous post I presented a possible Wolfe wave. I am no expert and I did present some misgivings. I have not read anywhere on the net that the extension ratios have to be same on both the legs (3 and 5). In that post, 3 is 127 extension of 1 and 5 is 162 extension of 3. I was asked to chart Wolfe wave on IWM which brough me to an interesting observation. One that potentially blows away the previous count.
It appears that a similar pattern presented itself on IWM a few weeks ago. Leg 3 was 127 of 1 and 5 was 162 of 3. It failed as shown below.
So, what of the 'Another shot'? All I have is this one example of failure right now. If I dig more, I may find more such examples. Either this means that we cannot mix ratios or that Wolfe waves can fail (Oh! the tragedy).
BTW, it did seem to work (pretty close) later on another setup. Note that 5 is 100 extension of 3 and not 127 or 162, the only mentioned extensions on the web. Is this even a legitimate Wolfe wave? I don't know.