Objective Elliott Wave............
- Thread starter gharghur2
- Start date
You left out the part where you refused to answer pertinent questions. That always inspires confidence in a touter.Quote from gharghur2:
Okay, you might be thinking this title is an oxymoron right?
How can the Elliott Wave be mentioned in the same statement with the word objective, unless one states; "In EW analysis, there isn't any objectivity, it's all subjective!"I took the poll, read the comments, and don't blame anyone for their negativity.
There's no contradiction in being both, as is evident here.
gharghur2 : Murray, Thunderdog...
I certainly agree that the Elliott Wave has received a lot of negative publicity for many years. However, I assure you, it is not the theory that is subjective, but the pundits interpreting what the wave patterns are actually forecasting.
There's saying in programming; "Garbage in, garbage out". When the correct data is used, the Waves literally jump of the page.
riskarb : Ahh yes, the infamous faulty-data. How do you define "good" data? ...
kut2k2 : You sidestepped riskarb's main question. Nice try. To repeat: how do you define "good" data?
Good data:
EW is a graphic illustration of market psychology as it ebbs and flows from day to day, month to month and year to year.
In the course of a day, the market provides us with a range of data: the high and low cash and futures print on many indices, currencies, interest rates and commodities.
It is my experience that the cash markets provide the real data, simply because they are actual measurements of what is occurring today. Futures contracts do not provide that data because they include carrying charges: time and rates.
The actual print, daily hi/lo on the COMPX and DJIA are the best indices for following the stock market in EW terms. Even though the INDU has been distorted in recent years by the addition of non-NYSE stocks. It still remains the most quoted index in the news and media, and thus has an impact on overall market psychology.
The SP500, I feel, has always been an inappropriate index. It has never provided clear, clean cut waves in the 20 odd years I've tracked it. It is influenced way too much by the futures market.
Hope this helps
tony
There are two types of traders....those that pretend EW have validity, and those that don't.
See Elliott. See Elliott wave. See Elliott wave bye-bye to his account balance. Together, he and W.D. commiserate because W.D.'s money is also Gann. That evening, they are visited by the ghost of Fibonacci. To entertain them and lift their spirits, the ghost of Fibonacci tells Elliott and W.D. about his nifty little numbering sequence which helps him to determine the multiplication rate of bunnies. Elliott and W.D. like the idea of multiplication, and wonder if they could use it to multiply the balance in their respective trading accounts. Of course, neither Elliott nor W.D. considered that although Fibonacci's number sequence could explain the multiplication rate of bunny rabbits, when applied to the markets it had the equal capacity to make things disappear just like magic. Things like account balances. Poof, the bunny is gone.
And then, both Elliott and W.D. had the best idea of all to restore their sad and angular account balances. Why not create things out of absolutely nothing but thin air? Things like books filled with trading "concepts" based on little more than the "magic of believing." And in the process, they drag their unwitting muse along for the ride, the ghost of Fibonacci who, if he were alive today, would surely appreciate their sense of humor.
(It's a slow day.)
And then, both Elliott and W.D. had the best idea of all to restore their sad and angular account balances. Why not create things out of absolutely nothing but thin air? Things like books filled with trading "concepts" based on little more than the "magic of believing." And in the process, they drag their unwitting muse along for the ride, the ghost of Fibonacci who, if he were alive today, would surely appreciate their sense of humor.
(It's a slow day.)
Maybe a little recap is in order:
Posted Aug 30th:
Appears to me we have seen the end of the four week decline in the market. And, we should get a week or two relief here, with a nice bounce. I can now count completed zigzags, from the top, in the COMPX and INX, with a double zigzag in the INDU. Yesterdays lows in the COMPX futures @ 2113 was not reached with todays selling onslaught. Todays low of 2120 was tested in the afternoon successfully and we rallied a nice 10 points into the close.
Posted Sept 13th:
Yesterday the NAZ double topped in the afternoon at 2186.
Then, today after a gap down opening, it rallied all the way back to top at 2186 again, before selling off 14 points in the last 90 minutes. I think the C wave has started to end the correction from early august.
Posted Aug 30th:
Appears to me we have seen the end of the four week decline in the market. And, we should get a week or two relief here, with a nice bounce. I can now count completed zigzags, from the top, in the COMPX and INX, with a double zigzag in the INDU. Yesterdays lows in the COMPX futures @ 2113 was not reached with todays selling onslaught. Todays low of 2120 was tested in the afternoon successfully and we rallied a nice 10 points into the close.
Posted Sept 13th:
Yesterday the NAZ double topped in the afternoon at 2186.
Then, today after a gap down opening, it rallied all the way back to top at 2186 again, before selling off 14 points in the last 90 minutes. I think the C wave has started to end the correction from early august.