[waveslider]

The stop would be below point 5 yes. Your chart is good, but I placed my point #1 at the low on the 25th.
The reason why is that this is where the move higher began after breaking out of a range. Also it is at 50% of the entire move higher.
The pattern seems to be activating nicely. Since the target is so much higher, a conservative approach would be to put on 1/2 here and another half on a trendline break higher.
I would say the actual target will be more like 845-850 or more as time passes. That's about 60 points, or $6000 per contract. Wow.
You know, we're not the only ones watching this, I guarantee. It could be a rough ride higher.

[waveslider]

Here's one intraday, this low should hold if the pattern is true - --

[waveslider]

I took this one short and exited at the andrew's line. That was fine for me, we'll see if it hits the WW target...

[waveslider]

whoa... precision of market geometry

[bh_trade]

Originally Posted by waveslider »

whoa... precision of market geometry

That was indeed a beautiful, almost textbook Wolfewave. What charting package? TS by chance?

I typically use 1500 share for ER2 but tried to replicate using 466tick chart and Clyde Lee's Wolfewave indicator but it did not pick up that pattern this afternoon on either the 1500 share or 466 tick. Not only would you have had a nice, low risk entry point against that upper wedge, you would have had negative advance decline and pathetically negative up/dn volume supporting the trade, it was almost bulletproof. Man, I wish my indicator would have picked up that pattern today as I surely would have taken the trade.

[waveslider]

tradestation, yes 466 tick is nice for ER2. It was perfect, one of those ones you want to 2nd mortgage the house for...

Is this WW on the 60 minute chart a perfect storm?

Key level will be 782 tomorrow.

[Tasuki]

See attached. Is this a valid Wolfe Wave?

[bh_trade]

Originally Posted by waveslider »

tradestation, yes 466 tick is nice for ER2. It was perfect, one of those ones you want to 2nd mortgage the house for...

Is this WW on the 60 minute chart a perfect storm?

Key level will be 782 tomorrow.

My indicator may have missed the bearish setup earlier, but it is flagging the potentially bullish one you identified. After hours had pretty hefty downside penetration of the support line, but I noticed your data is day session. Perhaps if the market stabilizes some overnight and opens near today's closing price I would feel better about taking the trade, but right now I would not be inclined due to after hours weakness taking price below support.