Ewj: elliott wave

Quote from elovemer:



...some guy figured out the sequence nature uses to be most efficient....

....turns out the market is part of nature... and is very efficient at taking people's money.....
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Quote from Billybob543:



that's mighty lazy of you..why don't you just google it...these people are trading
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Quote from ed:



Come'on Elo, give that guy a break.... :D



Derrick,

Welcome to Mu's thread. :)



I think you've got to do some reading to find the answer to your question. An interesting introduction to EW can be found at the below link :



http://en.wikipedia.org/wiki/Elliott_wave_principle
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Quote from Mup:



Hi derrick



"Brief" and "Elliott Wave " are not two words that go together easily... Its probably best for a weekend discussion while enjoying a Guinness or Mount Gay Special Reserve with a Cohiba Siglo VI :D



In the mean time

ed's link is a good place to start...



Also, dare I say, EWI has some useful stuff on their site :eek: :)



http://www.elliottwave.net/educational/basictenets/basics1.htm



On how Elliott Wave helps, I don;t know any other method that gave us a hint of this weeks price action, last week...



For bread and butter everyday trading, elo hits the nail on the head with ALT's & Measured Moves ...:)
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Quote from mu200411:



Derrick,

Here is a concise one page lesson about

Elliott Wave Theory

by Investopedia Staff, (Investopedia.com) (Contact Author | Biography)

http://www.investopedia.com/articles/technical/111401.asp

Here is one sentence EWP;

"The Market moves UP and DOWN as somewhat equal waves, 5 waves in the direction of the trend, UP or DOWN, short or long term, and 3 waves counter trend, with numerous variations :cool: ."

If you make the count right you can predict the likelihood of the change in trend, i.e., the high and low of the move, and together with risk management earn a few bugs :confused: .

The best part is you don't have to have a PhD. If you can count 1 to 5 and write a,b,c,d,e you can enjoy EW :D .

Mu.
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Quote from ed
The last ALT for the SPX 10min chart yesterday was about :
820.52 - 776.76 = 43.76
So, this upmove in the SPX today has to clear :
741.43 + 43.76 = 785.19
before it starts to turn bullish?
Mup, is this correct? :D
Sorry realtime charts haywire...
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Thats the one ed.... :)

Once it overbalances its saying that its changing degree...
 
Got Mike's bounce :)

Now Needs to clear (close out)that ALT into a 38.2% @ 770.5 to get a bigger move up to that 785.5 area.

EDIT throught the ALT so next higher ALT is the 785.5
 
...127% at 782
....low made first today.....high made last....bullish
...if today is trend change day with opex over.... we could try for upper channel line on 30 min channel... channel going back 2.5 weeks.....
....this will be very interesting if we can hit 800 by the close... a true lesson in opex week price action
 
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