Anyone else think Elliot Wave is a bunch of hooey?

If you ask 10 Elliot experts to point the waves on the same chart, there is a good chance that you will see 10 different interpretations.

Nasim Taleb once said, that he'll bet a lot that there is a stock out there which moves are idential to weather changes in Ulan Bator, Mongolia.

You can definitely see patterns in EW, but try to make money on them consistantly.


redduke
 
I know it sounds like an oxy-moron but there's added value in EW beyond waves. That's all I have to say on the subject........
 
More than likely, 10 of the 10 you ask will not understand EW.
If one can not get the longer term count correct, how can they know how the recent waves apply to the overall picture?
 
I once had a software program which would analyze price structure to come up with its "best count".

One time, I recall it picking one out of 94,000,000 possibilities... 94 Frickin' MILLION!... and still didn't get it right. In fact, it hardly ever did.
 
All technical indicators are subjective, some more than others. EW is probably the most subjective of all, making it useless to most traders. Law of large numbers dictates that some EW users will enjoy success. Some people will win the lotto playing their dogs birthdate. I doubt you could sell the later as a system even though winning dog birthdates are about as likely to happen as successful EW traders, which leads me to the sad conclusion that traders are more gullable that lotto gamblers.:p
 
Quote from onlytronalso:

What is public knowledge is too subjective.
This guy has the most probable count
More...
This is a good thread. A lot of realism.

I am no Ellliotician, not even close, but it is interesting to watch. Kinda in a Shakespearian way: "All the world's a stage".

Anyway, do we know for sure that the last 3 years have been a bull market, or just a correction in a bear?

Any chance of this count being valid: :p
 
Quote from gnome:

I once had a software program which would analyze price structure to come up with its "best count".

One time, I recall it picking one out of 94,000,000 possibilities... 94 Frickin' MILLION!... and still didn't get it right. In fact, it hardly ever did.
More...

Funny@
 
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