Buy support/sell resistance, always catch the 2nd wave away from S/R, the measured move. The whole patience thing.
The Third wave of Elliott is suppose to have the biggest range of the five waves, but this of course depends so much of many other factors, weekly trend, daily trend, where is the present in other timeframes. That is why when one looks at like ES seeking out the third wave, it often comes out much short of what they expected. Even if the third wave was 50% of the time biggest wave of the three, again, depending on what part of the day is an issue, morning session, 90 minutes often has two swings, but then going into 3.25 hours of lunch might have a trend up/down and sometimes impossible to be able to see waves period if it is forming a Megaphone, range bound, then afternoon is the killing zone for retail to get screwed the worst normally, so risk has to be more that usually what profit can be had and waves are even more complex to find those three trending waves. ES is wonderful at breaking previous pivots by couple ticks to sucker in the uneducated then Brokerage comes in to push other way till retail get stopped out, so true Elliott is so much tougher to just see three waves. Down waves are so much different that up waves as far as range and especially in volume. And Confirmation of end of wave two doesn't happen until you min. of third of wave three has started in my opinion.
Just easier to wait for Head & Shoulders pattern where head to second wave is right shoulder, and right shoulder is secondary possible pivot, ie failed attempt to going lower/higher in continuation of trend. That is why wave one is small, it often confuses many thinking it is a corrective swing when it is the start of new trend, Volume is often first noticeable element to watch, volume normally becomes larger near lows whereas decreases near highs in ES. I just find it easier to find swing extremes to counter-trade after seeing two pivot highs broken and average swing in points, 7-11pts and decreasing of volume at highs. Can also look for where the closes are in relationship to highest high, if it is within high/close to me considered weak, resistance.
Yeah, I read all that on the back of Count Chocula cereal over the weekend, so mees now an export, ROFLMAO, I am weird to start with but 2:15 in morn watching silver making me nuts.
