Systems go in and out of use/favor because things change over time. Example: Right now using fundamentals, typically very important, is not useful at all – but technicals/chartology is very valuable. Since the markets aren’t relating to fundies, the tech is working.
Elliott theory is useful, as with all tools, in first knowing what it is and how it works, and then in concert with other filters. Most expert traders agree that once you get to 5 filters/indicators, that’s about all you can hope to keep track of and still be focused enough to make good decisions. For me, that has definitely borne itself out. I do my best work with top quality data – but don’t try to monitor everything simultaneously.
Is the Elliot Wave theory a good indicator?
Systems go in and out of use/favor because things change over time. Example: Right now using fundamentals, typically very important, is not useful at all – but technicals/chartology is very valuable. Since the markets aren’t relating to fundies, the tech is working.
Elliott theory is useful, as with all tools, in first knowing what it is and how it works, and then in concert with other filters. Most expert traders agree that once you get to 5 filters/indicators, that’s about all you can hope to keep track of and still be focused enough to make good decisions. For me, that has definitely borne itself out. I do my best work with top quality data – but don’t try to monitor everything simultaneously.
All the best
It’s not very good. But it’s about as good as any indicator can be.
It all comes down to the fact that nobody knows the future. And although there are some ways to guess the future. None of these ways are that good.
I think that is a good indicator but just in long term, daily and month charts.