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Strategies & Market Trends : Sharck Soup
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To: Joe Smith who wrote (12664)3/21/2001 3:02:12 PM
From: velociraptor_  Read Replies (2) of 37746
 
Actually in hindsight Elliot wave is incredibly accurate. The problem is that there is often no time frame associated with each wave structure and the pattern for each structure can vary a bit, especially if corrective periods become complex. There are times though, that it can be very predictive because the structures are simple and those are the best times to load up in positions. The rising wedge earlier was a good example and was a very clean structure. If you loaded up, the first bounce was not until at least 100 points down resulting in good profit and it went even further if you held. If you're patient and wait for these opportunities rather than try and trade every 5 minutes, you can significantly increase the odds of success. So, EW can be very helpful if you know when to use it and when to back off and just watch.
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