Some technical purists claim it is wrong to look at a weekly chart before the week has been completed. For example, you should not be looking at weekly charts on a Tuesday and make your decision based on them because the week isn’t over yet. I understand that perspective but I don’t agree with it.
Weekly charts eliminate the noise and show the big picture. They let you see trends and ideas that you can dismiss on a daily or an intraday chart. Looking at a weekly chart on a Monday can give you a headstart of what it could be.
For example, I posted this chart of WVE on November 15 (Wednesday):
This is how WVE’s weekly chart looks at the end of the week. The setup and the risk to reward are completely different.
I posted this chart fo NKTR on Oct 31 (Tuesday).
You get the point.
