This article seeks to explain briefly how a trader uses Elliott Waves to change his tactics.
FORBES: Elliott Waves Point To Apple Turnaround On The Charts
This is just one case study of the usefulness of Elliott Waves to the trader.
FORBES: Elliott Wave Analysis Of The 10-Year US Treasury Note
This was identified using Elliott Waves a couple of months ago in this Forbes article.
Take a look and you will be amazed at what is possible with Elliott Waves!
Even where Elliott Waves confirm a move is about to take place, one should have a suitable stop.
Today I am going to illustrate how you could have spotted a few turning points using Elliott Waves on a short-term chart.
My guess is that those who find fault with Elliott Waves try to be very exacting about what they expect the markets to do.
The beauty of Elliott Waves is that they are a dynamic approach to the market, allowing you to exit a wrong position relatively quickly, and get on board the right move, at the right time.
FORBES: Elliott Waves Point To Apple Turnaround On The Charts
It will be of interest to readers that Wave C was exactly equal to Wave A. Once again, this fits in with the Elliott Wave theory that says alternate waves in a correction tend to be related by a Fibonacci ratio, and 100% is a key number.
FORBES: Elliott Waves Show Nosedive For Lockheed Martin In Defense Stock Sell Off
The relationship between alternate waves is well established in Elliott Wave literature.
FORBES: Elliott Wave Analysis Of The 10-Year US Treasury Note
According to Elliott Wave Theory, one of the three impulse waves in a five wave movement will likely be an abnormally long (or extended) wave.
The Elliott Wave Principle says that all corrections happen in three waves, typically labelled ABC.
In its most simplistic level, Elliott Wave theory says that the main trend consists of five waves.
FORBES: Riding The Elliott Wave Back Down To 950 On The S&P 500
Another concern is that no two Elliott Wave analysts seem to be able to agree on a count of the waves, and they seem quite willing to change their counts as the market moves.
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