I have seen a lot on the internet about the Elliott Wave recently. Usually I see something posted about the wave, then the market goes against the charts posted and then they just post more charts with yet another wave theory. I tried to understand it, but I dont think the market works the way of the wave theory. I dont believe you can make money off of it and its just for those who like to think of the market in a more comple way then it actually is. So vote in my poll as I am curious to if I am right or wrong. I dont believe money can be made off of the Elliott Wave.
Im not too familiar with elliot wave, however if you do happen to notice the pattern and see a wave forming and find an entry.. i dont see why u can't make money riding the wave.
Just don't use wave counting as your only technical tool. If you use it to confirm all the other indicators and fundamentals then it can be really useful... And when the market breaks your theory, get out and analyze again. The market is allways right and with a stoploss it's no big deal to be wrong once or twice. Protect what you have. I don't think any technique is reliable enough to use standalone. Admitting that you are wrong is one of the most powerful tools in trading as is learning from your mistakes. Look at the chart, when it doesn't play out this way...i'm wrong
Im sorry. I just wanted to bump this one to the top because I'd like to see a few more responses. I want to gauge the effectiveness of the wave theory. If you read this, please take the time to vote. Thank you.
Lets push this up one last time. 23 votes. I think I know how the vote might turn out, but wanted to give this one last shot.