Elliott Wave Analyzer2 Anyone Using It?

Discussion in 'Technical Analysis' started by morse, Nov 14, 2002.

  1. First of all I don't think EWA2 or 3 has much value. When I tried it some time ago they included data 2 months old and when you compared it to the present time it was usually wrong. And also as with almost all other technicals they are absolutely great at hindsight. Another criticism of EW is that it relabels the waves all the time until they get it right. My point is that if you read the definition of how the waves are labeled it is a series of support and resistance levels that need to not be violated to confirm the wave. If the levels are broken then you are in a new senario that forces a change. If you use higher highs and higher lows, and if the higher low is taken out on a pull back then isn't a new senario in place and you have to adjust. The only advantage to EW when used properly is that in looking at a series of waves there is a relationship between certain waves that has a higher probability of being correct than just any random wave. It is this small difference that gives EW a small edge in those instances. That is probably called a setup or confirmation and I believe that there are lots of systems that use trigger setups for entries and in that regard EW is no different.
     
    #11     Nov 20, 2002