and Elliot Wave is a tool. You don't need it but it can be used
effectively if you use it as a tool in conjunction with other
things.
we all use it in some form anyway. If you see a sideways
overlapping choppy move you know that's a consolidation wave and in
an uptrend that's bullish, in a downtrend it's bearish. At times
you can see clear 5 wave type moves and that can be useful. When
you see an abc pullback down in an uptrend you know that's probably
bullish (that's basically a form of EW). For me I just use
some of the basic concepts and that's it and don't go overly
complicated into it. I think the guys who only use it and go into
all the detail can struggle because it gets quite complex and open
to many interpretations. The Elliot Wave guy I liked was Tony
Caldaro who passed away, he tried to add some quantification to his
Elliot Wave style, called Objective EW. Steve and I once in a
while show some EW stuff but it's mostly general guide. We stopped
showing all the complex wave patterns years ago because it confused
too many folks.
the cycle indicator is also a form of Elliot Wave, but is not
subjectively drawn, it's mathematical. see image of how I
interpret it
Prechter wrote a book. It's an excellent book, for a primer and
an in-depth on E. Waves and where fib numbers come from in
nature, but for some reason Prechter has been bearish for
something like 20 years?! on the American economy and markets.
Crazy.
To be fair, he did
Fun Fact: The guy who invented Elliot Wave Theory Mr. ...
Posted by z0ned on 13th of Nov 2020 at 11:12 am
To be fair, he did have a crippling illness.....
and Elliot Wave is a
Posted by matt on 13th of Nov 2020 at 12:41 pm
and Elliot Wave is a tool. You don't need it but it can be used effectively if you use it as a tool in conjunction with other things.
we all use it in some form anyway. If you see a sideways overlapping choppy move you know that's a consolidation wave and in an uptrend that's bullish, in a downtrend it's bearish. At times you can see clear 5 wave type moves and that can be useful. When you see an abc pullback down in an uptrend you know that's probably bullish (that's basically a form of EW). For me I just use some of the basic concepts and that's it and don't go overly complicated into it. I think the guys who only use it and go into all the detail can struggle because it gets quite complex and open to many interpretations. The Elliot Wave guy I liked was Tony Caldaro who passed away, he tried to add some quantification to his Elliot Wave style, called Objective EW. Steve and I once in a while show some EW stuff but it's mostly general guide. We stopped showing all the complex wave patterns years ago because it confused too many folks.
the cycle indicator is also a form of Elliot Wave, but is not subjectively drawn, it's mathematical. see image of how I interpret it
Good points. I wondered what
Posted by brophy on 13th of Nov 2020 at 12:58 pm
Good points. I wondered what happened to Caldaro.
he died about 2 years
Posted by matt on 13th of Nov 2020 at 02:17 pm
he died about 2 years ago
Was that Prechter or did
Posted by cozz101 on 13th of Nov 2020 at 03:44 pm
Was that Prechter or did he just write a book about it?
Prechter wrote a book. It's
Posted by brophy on 14th of Nov 2020 at 05:54 am
Prechter wrote a book. It's an excellent book, for a primer and an in-depth on E. Waves and where fib numbers come from in nature, but for some reason Prechter has been bearish for something like 20 years?! on the American economy and markets. Crazy.
hahahaha--- so i can take
Posted by watcdy on 13th of Nov 2020 at 03:19 pm
hahahaha--- so i can take away the chair ??
yes he did
Posted by law6 on 13th of Nov 2020 at 02:29 pm
yes he did
Sadly to say, Tony Caldaro
Posted by steve on 13th of Nov 2020 at 01:00 pm
Sadly to say, Tony Caldaro passed away many months ago.