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Which is the best Elliott Wave Software ?
- Thread starter kevinqc
- Start date
Quote from bryans:
Can you guys provide an opinion as to the value of Elliot Wave analysis as to how the overall market is going to go?
I am a subscriber to the elliot wave monthly forecast via the elliot wave site.
They do the interpretations and stuff and provide a monthly report as well as daily analysis during the week.
I am looking for help in figuring out what's going on with this market. I have a a bunch of stocks for retirement and I've been on the buy and hold method.
Would appreciate tips for ideas including info about e wave track record.
The monthly forecast gives you absolutely zero market timing. It's far too broad to trade off of, and perhaps too broad to invest off of, either.
Robert Kelly is the website's S&P analyst and he does a fairly good job on the short term stuff and intra-day wave counts.
In fact, he caught the low last month pretty well. However, that intra-day service can cost a pretty penny per month, so it might not fit your budget or needs.
You might wish to check out Corey Rosenbloom's technical website called "Afraid to Trade".
He presents various markets in regards to Elliott Wave counts and has a decent analysis of the current market action that you can find on his website, dated March 14th.
It also happens to be Free.
Hope this helps.
You may want look into Mtpredictor as well. You can scan for software count Wave 3's and Wave 4's in addition to ABC patterns....
I bought one of Prechter's books, directly from him, at a high price too, in 1996... it predicted that the end of a Grand Super Cycle or some such tripe was to be in 1995 !! He didn't even pull the book from the market, just kept soaking people... then, for an encore, he kept his followers out of the stock bubble of the later 90's with his crash predictions... every time I see his name I tell this story because I really don't like people like him...
Advanced GET has 2 tools that can be very accurate predicting future Price
targets, Ellipse and MOB, tho i don't know they alone are worth the price
of the software - they could be ; )
Ellipse can't always be used since it's a Correction/Retracement tool and
won't work during higher highs, lower lows, also more targets can be drawn
the lower the timeframe; likewise the MOB needs AG Pivot points in order
to draw targets. both tools are based on fibo Price and Time calculations
i've never seen the code or any other program that has the tools, the tools
are dynamic and update as the price progresses tho targets can be replicated
with the fibo Price, Time tools found in most charting programs
from AG Help:
"The Ellipse is based upon both time and price, and is a tool that
although drawn, updates as the market changes. Once the Ellipse
has intercepted the market it will stop updating and the trend 'should'
change at that point."
"The MOB (Make Or Break) study is an excellent tool that can help
you find the target price area for the end of an Elliott Wave 5, or for
any pattern that has an impulse-correction-impulse pattern."
AG's vendor eSignal has a realtime trading blog here: http://esl.typepad.com/
a note: EW as is much TA is primarily visual
if an individual isn't visually oriented they won't get EW and won't be able
imo to use it to assist them in generating trading profits
this of course is not saying individuals who aren't visually oriented can't be
profitable traders
targets, Ellipse and MOB, tho i don't know they alone are worth the price
of the software - they could be ; )
Ellipse can't always be used since it's a Correction/Retracement tool and
won't work during higher highs, lower lows, also more targets can be drawn
the lower the timeframe; likewise the MOB needs AG Pivot points in order
to draw targets. both tools are based on fibo Price and Time calculations
i've never seen the code or any other program that has the tools, the tools
are dynamic and update as the price progresses tho targets can be replicated
with the fibo Price, Time tools found in most charting programs
from AG Help:
"The Ellipse is based upon both time and price, and is a tool that
although drawn, updates as the market changes. Once the Ellipse
has intercepted the market it will stop updating and the trend 'should'
change at that point."
"The MOB (Make Or Break) study is an excellent tool that can help
you find the target price area for the end of an Elliott Wave 5, or for
any pattern that has an impulse-correction-impulse pattern."
AG's vendor eSignal has a realtime trading blog here: http://esl.typepad.com/
a note: EW as is much TA is primarily visual
if an individual isn't visually oriented they won't get EW and won't be able
imo to use it to assist them in generating trading profits
this of course is not saying individuals who aren't visually oriented can't be
profitable traders
Attachments
I dont know anything about Elliot Wave, but I am reading a book by David Aronson (Evidence Based Technical Analysis) where he makes the argument that it is so subjective as to be useless.
I've put EW aside a long time ago, not because it might not work but because I was seeking simplicity. The thing is, there has been the odd trader that blogged and used EW and were doing fine and some of the oddest and best calls I've ever seen were by people doing EW on different time frames and finding convergences, I've seen some mind boggling price moves based on that. It seemed like they were good calls but really too few to justify the complicated nature of it all...
The problem with EW is when people donât know all the rules and guidelines, they blame EW instead of themselves. Secondly, they often try to force EW on every chart even when there is no clear EW pattern, which is also the problem with automatic wave generating softwares.
In my opinion those who have actually learned to use EW would agree that EW is probably the best method to analyze the markets. Itâs definitely worth spending the time and learning it, no other TA lets you indentify (with reasonably high accuracy) where a chart pattern is positioned within the trend, or if it is a new trend or just a correction, or if the trend is reaching a probable termination price levels, and so on. . . . .
On very small timeframe EW might not be practical, but on larger timeframes nothing comes close in my opinion.
In my opinion those who have actually learned to use EW would agree that EW is probably the best method to analyze the markets. Itâs definitely worth spending the time and learning it, no other TA lets you indentify (with reasonably high accuracy) where a chart pattern is positioned within the trend, or if it is a new trend or just a correction, or if the trend is reaching a probable termination price levels, and so on. . . . .
On very small timeframe EW might not be practical, but on larger timeframes nothing comes close in my opinion.
What I would like is software that does NOT automatically label waves but, rather, lets you do it on the screen manually, so you can play around with different interpretations and see how they look. Kind of like an EW word processor.
This would probably be a secondary feature in some charting application. Anyone know of any such thing?
This would probably be a secondary feature in some charting application. Anyone know of any such thing?