Possible BIG BEAR Elliot Wave Count...

[Specterx]

The problem with EW is that it posits that markets follow deterministic paths when this is observably not the case. Key inflection points don't occur because a "wave count" is fulfilled but rather due to a combo of market psychology, shifts in cross-asset pricing, and catalysts/newsflow which is unique for every historical moment.

Even for a strongly trending market in the blow-off or collapse phase which can most plausibly be asserted to adhere to a repeating and predictable wave structure, you can operate just as well (or better) using simple trend/momentum metrics vs. trying to retrofit the price action into a "wave count".

 

[SunTrader]

Once again ........ 1929 before EW and Gann were known somehow the counts were there:-

"The more things changed the more things stay the same." Applies to the sheeple clueless crowd too.

 

[murray t turtle]

Once again ........ 1929 before EW and Gann were known somehow the counts were there:-
View attachment 313101

"The more things changed the more things stay the same." Applies to sheep .......+ clueless crowd too.

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People were selling crops + corn and apples + stuff in late AUG\SEPT long before mr Gann + EW; i seldom hear Ewavers silly enough to claim prediction. Some may pretend that, dont know.
But then again/ they name it weather forecasting, not weather prediction.
I like a 200dma[avoids trader bias] ,but people were selling + buyin' long before that was noted

 

[Scataphagos]

In case you're curious, here's my experience with EWT...

1. I once dedicated a computer to only running EWT software. In one case, it took several hours to come up with its "preferred" and "alternate" counts. The program noted 93,000,000 possibilities tested!

2. A couple of times, it actually picked a significant bottom.

Bottom line... too complicated and too iffy.

However... the "big wave" counts are easily identified in hind sight... they are the the most valuable, of course. More benefit if they might be identified "as developing".... which is my premise for mentioning the current time as a "possible BIG Wave 2 correction". If that turns out to be the case, VERY valuable. If incorrect, little lost if traded strategically with stop.