In my opinion, Elliot Wave is too subjective to be used
reliably in the markets, notwithstanding a small army
of practitioners who swear by it. I have yet to meet one
who can show consistency in use, and I am intimately
familiar with it.
If you were to view the current market from that point(less)
of view, the market is in the 5th wave of the first leg of
the bear market to the downside.
Bear markets are of an A-B-C kind of wave correction.
Wave "A" is composed of 5 impulse waves, and if I am
in the wave count ballpark, this 5th wave down would be the
completion of "A."
The reason the Elliot wave theory is useless is that two practitioners can agree on how to count waves and when we are at a peak or trough. Sure they can number the points on a historical chart after we all know how it turned out, but you can’t make money that way.
What the f__k?
Proud Mary:
In my opinion, Elliot Wave is too subjective to be used
reliably in the markets, notwithstanding a small army
of practitioners who swear by it. I have yet to meet one
who can show consistency in use, and I am intimately
familiar with it.
If you were to view the current market from that point(less)
of view, the market is in the 5th wave of the first leg of
the bear market to the downside.
Bear markets are of an A-B-C kind of wave correction.
Wave "A" is composed of 5 impulse waves, and if I am
in the wave count ballpark, this 5th wave down would be the
completion of "A."
Again, EW is not my area of expertise.
Cheers!
The reason the Elliot wave theory is useless is that two practitioners can agree on how to count waves and when we are at a peak or trough. Sure they can number the points on a historical chart after we all know how it turned out, but you can’t make money that way.