How to plot a Wolfe Wave - Bullish Setup - Axisbank

Here is a good example of a good bullish setup

First Step - Look for a High (This will form Point 2 in a Bullish Setup

Second Step - Look for a Low This will form Point 3

Then look for Point 1 (previous Low should be higher than Point 3)

Third Step - Look for the next high - Should be lower than the previous high (Point 2) and this will be marked as point 4

Go Long @ point 5 (aproximately at the trendline extended @ 1 and 3 - Usually a false breakout where one can go long.

The best part - Once you have Point 4 - Short & - Go long at point 5

 Book profits when the price hits the extended trendline drawn from 1 to 4