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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026






Tuesday, June 21, 2011

Does Elliott Wave Theory Give You Something to Trade?

The short answer, which I'm sure you weren't expecting from me, is HELL TO THE NO! There is no 3-5-3-5-3-5- whatever count imaginable that could make me trade off of it. BUT EWT is based on market participants and "thinking", which I can get behind. EWT theory is NOT a useless tool, and I hope I've shown that by using it PROPERLY! It's when people try to count waves without using other information available to make a rational choice that it becomes USELESS. I know people who use EW and I know of people who use EW PROPERLY! The latter are usually the ones bucking the trend and mostly correct. If you would like to know how to use EW PROPERLY!!!! Let me know. But don't bash EW because some people disregard rules and suck at it!

2 comments:

  1. alright,don't get pissy......Lol !

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  2. Hey Jim! Really great blog... I want to thank you for taking time to post your thoughts on the markets. I will check back often.
    I just had to laugh my ass off at one of your recent posts where you say that following Pretcher your account would have been 'down 30%'
    That is AWFULLY kind my friend! Please remember that Pretcher has been YELLING about another major market pullback since Summber 09'... And the Elliot Wave Short Term Updates have been clamoring for this magical "iii Down Wave" since around summer last year!!! Anyone positioning according to their (FAULTY)logic and wave count would have been bankrupt 100 times over and yet they charge 80 per month for this service for the right to allow people to lose a fortune... Yes I count myself among those that positioned themselves according to their (absurdly incorrect) wave count.
    What the hell is the point of EVENTUALLY being right if you are getting your ass handed to you day after day listening to their garbage wave counts?
    Anyway, thanks for the great FREE charts. Keep up the awesome work!

    ReplyDelete