Ewj: elliott wave
- Thread starter mu200411
- Start date
Boy, your wave pattern is completely wrong - I'm not even sure where to begin. We're in minor 5 of intermediate (3) of primary {1} of cycle wave c.
Quote from ed:
Come'on Elo, give that guy a break....
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
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
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 ...
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."
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.
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.
Mu.
Thanks to you all for your answer, am going through the links. Have seen people attack Technical Analysis in other threads, why so? It looks good, like a scientific method.
the technical analysis versus price action(price action is a new term,used to be tape reading ) argument has been around for 50 years or longer, only since the electronic trading has the tech analysis had a chance at even being half right, it always worked,it was always hard to understand because no one took the time to learn it, when trading in a pit you didnt need it because you could read order flow, electronically that is a lot harder to do,so evryone has been forced to learn tech
The first BUY and SELL Signals were false signals 
.
The second and third BUY Signals are profitable .
The Market may go onward to 8187, 820, 1414 as expected .
.The second and third BUY Signals are profitable
.The Market may go onward to 8187, 820, 1414 as expected
.Quote from mu200411:11-22-08 01:05 AM
Stalled at resistance level. It is a bad sign
More DOWNWARD pressure :eek: . May be Sell Signal.
Quote from mu200411:11-22-08 12:43 AM
A higher low then a higher high = BUY signal
May be "onward and upward" for the Bulls to 8187, 820, 1414
Quote from mu200411:
The first BUY and SELL Signals were false signals
The second and third BUY Signals are profitable
The Market may go onward to 8187, 820, 1414 as expected
Based on your earlier chart, once we hit 820, will be set for a big .V decline to new lows?
In my opinion i think that is too long. The most common movement of Elliot Wave is around 5 candlestick on the monthly time frame which means that is only 5 months before any major retracement take place.