Problems with Elliot Wave Theory

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Elliot waves www.financial-s... claimed to predict markets in all timeframes. However I've always noticed that a certain amount of fiddling goes on to make this work. Elliot basically says that the primarty trend advances in 5 waves and retrace in 3 waves. PLEASE LIKE AND SHARE so we can bring you more!
Please note that this is just my opinion but I've found Elliot Wave absolutely phenomenal at predicting market movements once they've already happened, although you normally have to wait a a few years so they can redraw the lines properly... When I was doing work experience in London I heard about a client who went bankrupt following Elliot Wave when the market turned in 2009. Lost the whole of his account racking up short selling costs!
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[@gnolihz]

Most traders fail to understand how to use elliot wave practically and they keep saying elliot wave doesnt work. That's why 95 % traders lose money. Because they're too lazy to learn

[@vascobroma8907]

There's several problems with the argument in this video. 1. It is a misrepresentation to say that EWT claims to be able to predict "all human activity." That is not what Elliott or Prechter have argued. The claim is that all human behavior *in the aggregate* has a mechanistic element to it, and EWT is one of the best ways of modeling this. That's not the same thing. The point is that when it comes to the *masses* and decisions involving some form of speculation about the future, those decisions are inevitably shaped by an unwitting herding mentality, which is, by nature, non-rational (note: not IRrational, but non-rational). This naturally yields an element of predictability to such decisions. 2. This is not an argument unique to Elliott and Prechter. It is a widely recognized perspective in behavioral psychology. The only thing that EWT actually adds is the claim that this herding mentality produces recognizable patterns (it stands to reason that it would), and that EWT has identified those patterns. 3. It is suggested several times that EWT makes a "grandiose" claim. What exactly is grandiose? The claim that EWT has identified consistently recognizable patterns, or the claim that humans in the aggregate behave in a way that would produce such patterns? The former is demonstrable. The latter is a commonly held view in behavioral psychology. So to write either off as "grandiose" is either intellectually dishonest or a betrayal of ignorance. The burden is on the critic to prove his claim. 4. This gentleman isn't arguing against EWT specifically. He is arguing against technical analysis in general. If that is not his intention, he might want to step back and re-analyze the consistency of his approach. The accusation that EWT makes "grandiose" claims can be extended to virtually any method of technical analysis, because what he's actually criticizing are the presuppositions held in common among those various methods, not the idea that EWT has identified manifested patterns. The idea that there is a collective human mind - that humans in the aggregate herd unconsciously, resulting in a sort of organic machinery in the production of mass decisions - is at the heart of virtually all technical analysis. Why do you think support and resistance zones "work"? Why does Fibonacci "work"? Why do Gann fans "work"? If you completely jettison the idea of that organic machinery and unconscious herding, not only will you find yourself at odds with behavioral psychology, but you'll have undermined any consistent basis for doing any kind of technical analysis at all. 5. Piggybacking on the above, the argument that EWT makes "grandiose" claims is likewise an argument against the use of Fibonacci retracements and extensions. That's really all EWT is, after all - the structuring of Fib measurements into consistent patterns and cycles. To argue against the usefulness of Fibonacci in trading would just be absurd. And yet the *reason* why Fib measurements work is the same *reason* why EWT works. 6. Around 2:00 in the video it is argued that EWT "suffers from a certain amount of 'recalculation'." This illustrates a misunderstanding of how EWT is applied in practice. First of all, experienced Ellioticians track multiple valid counts, not just one. There is always more than one valid possible count. And this is a strength of EWT, by the way, not a weakness. By tracking various counts, you can more reliably weigh the odds of a bullish or bearish prediction. If you've got 5 counts you're tracking and 4 of them argue for short-term bullish momentum, regardless of further outlook, that's a good sign you should be bullish. Alternatively, if you see 4 possible counts and 2 are bullish and 2 are bearish, you know to be very cautious about taking any trades. The problem that some practitioners of Elliott Wave have, especially newbies, is that they want to focus on one particular count, when what they've identified is likely not the only valid way of counting things. That is not how EWT is meant to be used. So it's not about "recalculation." It's about identifying different possibilities and ruling them out one by one as price action develops. And secondly, this gentleman uses a bad example to try to make his point. You're never going to buy at the bottom of a 3-wave move, if you know what you're doing. That's just gambling. You're at least going to wait for a bounce off a higher low from that point. Given how many different correction patterns there are, that's the only sensible move, *even if* there was only one valid count. That's especially true in the wave 4 position as in this video's example, since triangles can form there, increasing the possibility that buying too soon could get you stuck in a sideways market. In all honesty, I have yet to find a criticism of Elliott Wave Theory that demonstrates an accurate and experienced understanding of what it is and how it is put into practice. I think that is telling. If people are losing money in their application of EWT, is it because of a flaw with EWT or is it because of a misunderstanding and misapplication? We see consistently that the critics haven't given it a fair shake. And I have seen some who practice EWT focus on only one count, not several (Prechter himself is guilty of this; his books are great, his predictive service is not). EWT works. It works very well if you understand and use it properly. But I have yet to find a critic who understands what that means, and that actually serves as an additional argument FOR the theory. If those who disagree with you can only argue by misrepresenting your ideas, well, that probably means there isn't actually a good argument... I use EWT for predicting multi-day trend directions and Gann fans and Fibonacci for fine-tuning price targets and reversal points. The combination of the three yields me just over an 80% win rate when trading on hourly candles. That's almost unheard of. Don't knock what you don't understand.

[@ashrafadel3476]

12 yrs later I come across this video and until today EWT is still called vodo! I'm grateful to that. It has to remain unpopular to stay effective. Sincere advice to the presenter and audience, study EWT very well before saying a single statement about it. Consistent profitable practitioner here. Thanks to all fellow practitioners for taking the top comments throughout the years.

[@caiara85]

1. Before the criticism you should learn/ backtest and show your result That would have been more helpful. Insted it seems that you read the book one time or someone told you roughly how they work. 2. Basic rule wave 2 never retrace 100% of wave 1. 3. Never enter at the end of any correction without a confirmation a change of market structure that will confirm the count. 4. Elliotwave are an edge not a prophecy, if you add confluence to it as market structure, candlestick analysis, psychological levels, fibonacci retrecment and expansion one will have a better chance to succeed but the market is a game of probability and you can always lose not strategy will win 100% of the time but at least Elliottwaves provides good win rate and extremely good R:R

[@ryhanchoudhury1023]

You probably haven't ever spent more than 2 hours of your time actually studying elliot wave theory and applying it. Elliot wave has also been adapted to today's markets as it no longer contains as many impulsive motive 5 wave moves as it used to and we tend to trend more in 3 wave corrective moves which can be labelled wxy but this needs to be studied. I am consistently profitable trading elliot wave theory combined with fibonacci levels. It is the best system I've come across and will lead to consistent profits.

[@อนรรฆวรรณภาสชัยยง]

Well i fking bet this guy doesnt read the book( eilliot wave theory book). There are monowavr ploywave multiplewave( which is wave within wave within wave) and all kinds of forms of waves. Also u don't necessarily need to recount wave everytime because u suppose to predict where the wave would go and if it fails to do so thats when u repredict. Also there is a think called "x" wave which can be mono/poly/multiple wave which contains no pattern and connect 2 types of waves together.... I clicked the vid with an opened mind and expected too much from this vid, but i can tell from watching the vid that u dont know shit.

[@babouras84]

While the problem you are pointing out is in fact a challenge for EW practioners, the way you are illustrating it is rather dismissing. Even in your example you have the waves wrong lol

[@อนรรฆวรรณภาสชัยยง]

We only trade when the pattern confirm the amount of future retracement which can be wrong but nothing is totally predictable in the first place.

[@iProPipe]

Literally every trading guru on KZbin. Criticize and “debunk” one theory, then when you have the viewers questioning it plug your own course, system, chat room , etc as a more solid system.

[@kohnjelly]

He is right about alternate count becoming most probable upon invalidation of a primary count, which can be frustrating, but he doesn't explain it well and he did overlap wave 4 in his idealised sketch which breaks a basic rule. .Also it is true that some elliot wavers can get a bit evangelistic about them. They can be useful but not on their own. I find it is best to identify motive vs corrective as a basis, in the direction of the trend. KISS. If the count isn't obvious, don't force it - just move on! - plenty of markets / pairs to consider. Re subscriptions I've had.... Jeffrey Kennedy at EWI is a good teacher but their subscriptions generally are very expensive unless you are successfully trading big lot sizes. They do hideous amounts of marketing wherein they innocently state "not all elliott waves (predictions) work out this way" - bleeding obvious - but occasionally even just their marketing can be useful at times and is free so it is worth being on their list (as free club member) Lara at Elliott Wave Gold is very, very good and very thorough - check out her occasional free posts on KZbin - but I signed up for over a year and again was frustrated when long term primary counts are suddenly usurped by secondary counts in the other direction upon invalidation. I would sum up Elliot Waves as providing 2020 hindsight... Not always useful. It is important to understand that Elliot Wavers say that invalidation points are extremely valuable because you know when you are (or your primary count is) wrong. Unfortunately this seems to happen too often for my liking. Especially if you are a swing trader. It seems the longer the time frame, the less likely the primary count is correct. So i think they are a valuable thing to consider but always, always use other technical indicators and filters in conjunction with the waves and KISS

[@Kamilapinski]

Even if you don't know how to count waves the fact that there often is a divergence between wave 3 and 5 at the end of the move or that the 3rd is often the longest should be helpful in trading.

[@Debjit625]

First learn to draw a simple Elliot wave ,then try to criticize .This man at 1:21 draws the basic structure of Elliot wave and that's even wrong .Rule "wave 4 can never enter the area of wave 1" .

[@menachemtodros6853]

A Waves are more often three waves and much less commonly a five wave impulse. Therefore a skilled Elliotician is unlikely to confuse Wave 1 with a Wave A. Furthermore Fibtime can be applied to see how long ?Wave 2/Wave B takes. Wave 2 is very unlikely to take up more time to form than Wave 1, whereas Wave B is much more often i >1,0 the time length of Wave A, The point of my narrative is to illustrate how you have not studied EWT to any depth and to show how you fail to understand the basic principles of the theory,

[@2amv685]

I agree same thing with wyckoff the patterns are useless if you don't understand what the market is doing and where the market wants to go you have to detect where are the key zones

[@SalemGTV]

nothing is guaranteed in the markets :)

[@TusharGupta1991]

Kindly refer to some basic Elliott Wave book which details how to obtain a unique counting without fiddling :P

[@TheBaddWarrior]

im sorry sir, i have to disagree with u..it has been 14 yrs of trading life..no snr..no ob/os..no double top..shooting star or hammer...its simple as 12345 ABC..and 14 yrs of good live with it.

[@chandruana1822]

first you want to draw the trend lines , those high and low point hit the trend line or very near to trendline ... that points have to take counts 1, 2 ,3 ,4 ,5 and A, B, C ..... other high and low point (not touch trend line)just avoid it ... ( elliot + trend line = workout )...

[@TheMakki9119]

throw in a couple of indicators like macD, RSI, maybe bollinger bands, volume and stay up to date with fundamentals and you're set

[@dave4138]

Agreed. I've seen some "reputable" Elliot Wave guys on YT analyze a chart just like this guy says about recounting waves backward to fit their new narrative. You're essentially left with a chart that can go either way based on how you interpret or reinterpret the waves after the fact. Most people that believe in complex forms of TA do so because they have a bias towards it. They focus on the times where is worked out and forget about the times it didn't. IMO the most you can get out of TA is very basic, things that anyone can see in a chart like momentum in one direction or another and basic chart patterns. Most of the rest is nonsense imho

[@inevitablemma1435]

thank you for exposing this hindsight bias of a scam strategy

[@dpk9993]

I agree. EW is just that - a theory. It only works when you have defined motive and corrective pricing happening. You also need to use other indicators to know the direction of the pricing. Some principles are useful like wave 3 is never the shortest so you can keep your trade without dumping and losing out.

[@jccgold]

There are so many guys here saying they are profitable with Elliot Waves Theory, can you show me one KZbin guy predicting anything correctly with EWT before anything happens?

[@jorgecanessa1206]

It seems I have come across this video 11 years late... I have no idea what your agenda is in regards to discounting or putting "problems" with Elliot Wave Theory out there, but I will say this: While your video is short and I assume a lot has been left unsaid on your end, you have to know that me and many other people I personally know have found Elliot Wave Theory to be a consistent, profitable strategy to make money in the markets. That is, any market of your choosing as you very well claimed. That is because it works in all markets, when properly used of course; as any other strategy or system. Furthermore, what you are claiming is completely false and inaccurate, because that is not the way you analyze and use Elliot wave theory. While you, as an Elliot Wave trader, are continually reevaluating, reassessing and reshaping your Elliot Wave Count; you do not trade every single wave count that you "make" or encounter and that is the whole point of my message. There is a distinctive and fine line between being an Elliot Wave Analyst and an Elliot Wave Trader. Both can see and spot the correct wave counts, but only one of them can know when the perfect timing to execute a trade has arrived. Only one of them can make real money. I do not believe it is smart or appropriate for the investment community to make these short, incomplete and absurd videos. If you wanna believe that and make the video for yourself that is fine, but don't throw lies at the world.

[@Kevinschart]

any method that suggests you can know where price will go based on the charts is a scam. future price is unknowable unless you're doing inside trading. Price does move in such waves, but you can't reliably predict those movements. Having said that elliott waves or the "random walk" provide plenty of profit opportunities.

[@obothlalekganane6363]

It's based on probabilities, not certainties. There is no edge that will give you anything else other than probabilities.

[@dylyo1]

In my recent experience using EW any EW expert worth listening to should explain how the 5,3,5 pattern can include fluctuations within each wave that can have verifiable structure. To agree with the video opinion people do fuddle, but from what I'm seeing they do so with many trade setups not just EW. If one does not understand fib retrace and extensions let alone higher highs/lows lower highs/lows. using EW as a trade setup is premature. As one man put it, if you dont see the pattern immediately then you will create one that isn't there.

[@vinodsingh3621]

Dont know about the problem he is talking about but I am trading using Elliott wave and even if my counts are different I still make money only thing one need to remember, dont imagine that this will happen or that has to happen try to counts the waves the way they are and always use alternate wave counts. I have faced the counting problem with Elliott wave now it's no more. Last month selected four stocks for trading 100% accurate. May be it is nothing for someone may it is all what one need for trading.

[@SnowWhite-dr6xh]

You can back-test Eliot waves but you can’t forward test them. That should tell you all you need to know.

[@deefster74]

What you say about wave fitting is probably true in many cases, but human beings trying to apply the theory are what make it work or not. The theory itself puts together a set of rules to how the markets, and therefore people, behave. In order to use it as a trading system, the trader must eliminate all of the things that are improbable, to be left with hopefully only a few probable outcomes. Sometimes the alternate count plays out, or worse, a count that wasn't even considered. Part of this is inexperience in counting waves, though it can happen even to veterans. How is that worse than anything else out there? No system out there will have certain outcomes every time, and they all are subject to interpretation. To me this is more about the trader than it is about the system. If you really use it correctly, you are taking very risk defined trades, with stops and targets identified. Sometimes you will be wrong, surely, but unlike many things out there, you will know exactly where you are wrong because 1 penny or tick past a level can invalidate a count. So I sympathize with the poster, but at the same time I disagree with his conclusion.

[@rmcstudios1]

i see what you are saying. I guess I would have to see it starting at the largest time scale and then move to smaller and smaller time scales. And given this is all based on a rhythm, it would stand to reason that the time multiple would be consistent with the number of waves with little variance. 1 wave = 1 year. Then 1 wave/12 should equal 1year/12. Just from writing this I can see a fractal pattern forming. If that's the case, then I would have to say it would be nearly impossible to pinpoint where and when you are at a particular point in the wave, essentially making this only useful in hindsight. I am a value investor, but I've always loved how this golden ratio worked in nature. So even if its just for fun, I gotta try this out in excel!

[@felixliewhan1461]

That's why there are rules and guidelines for each wave to obey so that you don't just go by the "self filling theory." This video explanations are ungrounded. "Guys, please learn meticulously about Elliott theory, then come back here and compare what you learn with his explanation and the way he created the theory" BTW if we want to talk about "guarantee" system, you better keep out of trading. You will only contribute in the increasing number of depression and suicidal. Go and watch teletubbies somewhere else.

[@lemarmessih10]

The rule is simple,"Let a pattern complete,and take action"

[@jasonclement6305]

Right or wrong.. i see a clear flat correction above an ascending 20sma that's not massively overbought... im probably taking it

[@limbokid]

this is called the Texas sharpshooter fallacy, you shoot first then draw the target and say i hit it

[@canne1463]

I don't see what's the problem with adjusting your waves. This is how you should use elliott wave theory. It's not an exact science. And markets are always moving so you have to adjust to the changing market circumstances.

[@trendlab22024]

EWP has some advantages... it is a fractal blueprint for example. It also has limitations... it's idealized and limiting of real markets. Motive movements often show more than 5 waves and counter-trending movements more than 3. Hence the need to fudge in order to fit. Let's not blame anyone... markets have an uncanny knack for making analysts second guess themselves. The primary EWP flaw is that it counts the wrong elements. Instead of counting the jagged areas of price flow - where information actually resides - it counts "waves." You need an 'event locator' tool to see how many HIPs and LOPs you skip over when you wave count. There are other counting systems (with printed material) out there... "M4 PCS" is one that's based on counting data points VS waves. HIPs and LOPs are, according to one source "the oldest and most basic technical tools," and they have been called "crucial markers." I don't think it's un-humble to claim a unified theory, but with regard to EWP, I think "grandiose" is a good word to describe what some have claimed of it...

[@TheWoodyTiger]

In your example you just show that you don't understand how to trade EW. It doesn't matter if the 4th wave will go lower or not because 4th wave is not for trading. Waves don't predict future. They just show you where you probably are and if it's good place/time to trade. Greets.

[@bo0stdgst]

Yall are trippin saying waves dont work. Waves+price action in supply and demand levels is how i found out the key to my consistency. Especially for swing trading. Now why do many institutions use wave theory for analysis?

[@danube466]

well the english do not subscribe to rational order but darwins theory. video said nothing

[@JunkBondTrader]

One great way to profit from EWT: Charge people to teach them.

[@navketan1965]

Sir, Trading with supply & demand method on 4 H charts, is it better that the S/D area have additional confirmation with MTF fractals. Even if S/D area gets respected OR rejected, market can still whip saw in the area & trader can still lose often. Do you recommend sticking with 4H,/Daily chart S/D levels for trend direction OR is that not necessary. Market makers in forex also play their liquidity harvesting to pick pockets around these levels. Entry based on action on 15 minute chart in the direction of 4H chart. We need your wisdom.

[@francinerainville686]

Elliott Wave theory may be dificult to apply but it still has three basic cardinal rules that, from your explainations,you fail to understand.

[@nic78dolo]

Congratulations! In your attempt to draw an impulse wave, you managed to break 2 of its rules (out of 3). When using EWT, please follow the rules and guidelines that govern this theory, otherwise it can be very messy (because, actually, you don't even use EWT, but something else; and the problem is that you don't even realize it).

[@carlostavares6070]

Good explanation, thanks.

[@USD.target]

I have seen many systems, but Elliott wave is the best among all of them. But you need to spend much time to understand properly.

[@vitoriorafael6368]

If you want simplified marking try Elliott wave manual marking is more faster.

[@robbass7611]

Don't be critical of something just because you don't understand it

[@psychobro1.g77]

A-B-C + D would then become the new A of a bigger down trend.

[@alldayshortz-s9p]

all these theories and indicators are all a bunch of BS. just use plain support and resistance with good risk management and you'll make money

[@andipasti3320]

You clearly haven't understood Elliot waves theory. It is NOT about predicting the market. And it is NOT always 5 waves up and 3 waves down. Pls. do some proper research before making incorrect statements.

[@hassanmirza6481]

Some people tend to get too carried away...Every theory in existence has the potential to be proven wrong but that doesnt take away from its usefulness. That's why it's called a "theory" in the first place...come on guys. Some basic common sense is due: if it works, use it. If it doesnt, move onto something else? lol :p

[@donaldbest7621]

If you are going to criticize Elliot wave,you ought to reflect it correctly. What you have there is breaking some fundamental rules, maybe with in a channel one could use the graph as written. Elliot never says where price WILL go, only a range of possibilities. In rare cases there is only one wave count, all the others are invalidated. That would be a high skew to the reward of the classic risk/reward equation. You would know exactly where to stop out, and a defined target, and a defined risk can be gleaned. Elliot does not have all the answers, and I don’t think Elliot himself believed he had all the answers. He did have patterns that can have probabilities assessed, and any edge in trading is helpful. There are times rules are broken and stretched, those are the exception, not the rule. If one uses various technical analysis(candlestick, long term oscillations, rsi, volume etc...) with Elliot the results are exceptional. Phi is big in price pattern, Elliot understood this., so should we, if we are to be profitable in trading. Using Prechter as “the” example of an exceptional elliotician, would be s disservice to all those ellioticians that have been crushing it, there are some. The best ones don’t let their ego, or emotion get the better of them.....Prechter says in one of his videos how many bad shorts he initiated up to the 2007 top. He was wrong a bunch of times.

[@rtang7841]

Understandable , been in this guy shoe before. The problem is not the theory but lies in the student studying it. Once learn the correct way the problem this gentleman posting is invalid.

[@vvcv__00]

Some seriously gross over simplifications and generalizations. You're argument is riddled with holes. I'll make one suggestions to you. OF COURSE, if a market continues in the direction downward, as you point out at 4:00, then yes the wave will be recounted. Do you not understand as to why? IF not, then please do not argue against something you know nothing about. In doing so, you do indeed ruin all your credibility as a critic, and indeed render yourself to be very silly. I don't know of one person who uses EW as a prophetic thesis but rather as a guide to where possible retraces MAY occur. Every trader should have a sound thesis prior to trades, this is one very powerful way to give yourself some guidance in developing a thesis. And EW, even if not used, is a hyper powerful education tool into studying price action. In your wave drawing, you simply point out a impulse EW pattern, there are many others. And no, waves do not always look that perfectly arranged. A impulse wave 3 could move in a tight range for weeks. This is one argument critics make "but, but, mommy, it does not look like the pictures in the book". I seriously think you naysayers look for waves to look EXACTLY how the books illustrate them. Anyone in there right mind knows this is impossible. So, yes, we move from price action today, and what happens tomorrow, to make the wave in reverse. And, again, as many anti EW traders point out, if a move breaks what our wave count shows, you simply consider that wave broken, and thus begin anew. It is not a fault of EW (as simple minded critics point out), but it is actually a rule -if price moves beyond this rule, wave over, start again. This does not mean EW fails as a guidance tool. Seriously man, I guess you would consider my account balance as a prJoblem too, when only 2 weeks ago it's profits, made via EW trading, got me a new beautifully designed Jaguar. Yeah, "Problems". To all who watch, please, at least learn some basics of EW, i promise it will help you in learning price action. This guy points out shallow arguments against EW, and more importantly, gives no other way to study price action in helping you develop a trade thesis. I've also found that, even though a trader my not know it, they actually point out many aspects to their trading which has relevance in EW analysis. I'll point out a perfect example that happened during the 11/25 - 11/29/19 week with Apple. Warning; probably only of interest to intraday traders. On 11/22 Apple started a wave 1 on a 15 min. chart. Wave 1 ended on the 11/26 open, where it spent that day retracing 50% of the wave 1 move. You can check with a Fibonacci drawing. At the end of that day the Wave 2 retrace ended right at the FIb 50%, my first trade during this wave. A nice trend line is then drawn from Wave 1 start on 11/22 to bottom of wave 2 on 11/26. This is where wave 3 starts. Wave 3 moves up and hits the Fibonacci 50% extension then begins the wave 4 retrace. The retrace is a perfect wave 4 retrace AGAIN hitting the Fibonacci 50% AND hitting the trend line drawn from Wave 1 start to wave 2. Wave 4 is developed during extended hours. Now, if you would have done your EW drawing, you would be expecting a move up at this point to start wave 5. Well, this was the second trade i took in this EW move. This move was on Black Friday (so was a weak move with very low volume, but nonetheless, my EW analysis, along with a confirmed 15 minute opening count kept me on the right side of the trade. This last week alone, I only traded Apple and the GBP/USD pair with great success, and i owe it to my EW counts. Seriously. And this EW critic says "Problems". I just don't get people sometimes, and traders least of all. Because they don't see what is spitting on their shoes DIRECTLY in front of them. C'mon man, seriously? Problems?

[@CountTrader]

I make a very good living as a full time Elliott Wave trader. You clearly don’t understand the theory or how to apply it. It can be a repeatable stick rules based trading system if you’re using it correctly.

[@suthmo]

Elliott said that maybe this wasn't the correct concept and one day a better system will emerge 90 years later the new system is here.

[@surajp.kalburgi4976]

Hi brother you soul my cousion thanks u really great

[@jaysonmaloloy-on6924]

I've seen elliotitian that do the the same, they we're never wrong in analysing elliotwave in a post market 🤣

[@dimebag31]

this guy is wrong. only people who don't understand EWT count it backwards and make up stuff. There are pivots involved as well as momentum and other factors that are part of EWT. this guy is wrong. don't let him deter you from learning about EWT

[@cartoonforkids8870]

you know nothing about EWP, its the best system of all time.

[@iamtraderph]

Sorry but you don't know what you are talking about. I been using elliot wave and fibonacci level for quite sometime. And I literally make a living trading this system. How can you say it that. I think You have the problem not the Elliot wave. Peace

[@austincellar]

Good summation of this widely believed nonsense. Like astrology or any other practice that claims to be able to predict the future.

[@rochditidjani]

You may have a point or two about the Elliot wave theory. However, your explanations are poor and pointless.

[@assassinhitman]

This is true. Ive seen it happen 😂

[@imadkhan4526]

I dont think u spend only 5mins in learning on elliott wave 😂😂😂

[@vanscoyoc]

There are better tools, but what Elliott Wave does is, when it's wrong, you get stopped out, figure out the new count and go from there. I don't use Elliott Waves myself.

[@akowned1]

Dis is my style don't you poo poo it!! 😭😭😭

[@malinkifox2011]

This man has a very simple book cover of what Elliot waves are in his mind. But they are more complex. I’ve predicted countless correct drastic turns in all kinds market with Elliot waves and have been using them for many years. It’s a system that evolves as the prices progresses because price gives you more and more hints at the proper count. So proper count can change and become more complex like instead of an ABC downtrend it can become a WXY and point an even deeper move and give hints at next support. Etc It’s a tool that if used correctly with other tools (like Fibonacci, trend lines, channels) becomes very very powerful

[@danielfreeman9961]

I understand 100% what he is saying but his whiteboard illustration didn't quite hit the mark. It's also true that Elliott himself was a complete nutjob but that shouldn't make us disregard his theories (Tesla was a nut too, right?)

[@Wavetheory85]

He doesnt get it

[@davidfariello3972]

Elliot wave is subjective bullshit

[@portiamukhawana1388]

Dude. Elliot 🌊 is the rhythm in market, more like music there are different rhythm yet still the keys are the same. If you can't dance to wave ryhthms don't blame it. sticks to your tempo

[@Eli-gg9zd]

A really lame attempt to discredit a theory that he clearly hasn’t properly researched. My guess is that this guy doesn’t have much of a clue about risk management either and is very likely a wishful thinking hodler.

[@Mr4thetruth]

Five Elliot Wave guys in the same room at the same time, will have five different Elliot Wave predictions!

[@carlospurchase-galarza2501]

haha this is good stuff

[@ElmerHogervorst]

BS. Doesn't know what he is talking about

[@staircasefx9104]

lol. the answer is simple. Elliot wave is an art of chart reading and he dont know nothing.

[@reginaldbolman8493]

The Elliot wave theory seems pretty inadequate at predicting major market breakouts and breakdowns where simple "ascending/descending" triangle patterns, along with moving average, RSI, Bollinger lines, etc. can very easily show these market movements. Therefore, because of the inherent subjectivity in interpretation of the Elliot waves I personally feel it is a bad indicator to use.

[@reginaldbolman8493]

LINE stock for example, from March 7 2016 shows a boom but then quickly collapses on itself. There is no magical "Elliot wave" that can be attributable to these price intervals, rather, the function has random discontinuities attributable to market, economic and news factors (as well as huge volume fluctuations).

[@tomrowe9844]

This guy is right tho Elliot wave is a load of crud

[@traderlincolnmitchell9786]

good video

[@bosslee9069]

Elliot wave counting is more like a repaint indicator

[@BH-tp3pm]

This is true with ANY indicator. Everything is form fit! There is literally NO consideration for VALUE or PRICE. the very thing being traded. We don't care if we are trading FX, energy, lemons and apples! We are trading a price of something. Each "thing" has a determination of price and value. This is what the market is constantly looking for, value. And who trades value ? The uninformed! Anyone trading at value will be smack bang in the middle of the deviation in price. Hence why, market makers are buyers below value and sellers above value. (Premium and discount) nothing to do with ellio waves, Rsi, even supply and demand. Value is whatever the highest bidder pays. Hence for this reason, we have the market makers again, buying below the value and selling above the value..creating all these false images in the form of Elliot waves or other indicators that remove the aspect of value and price from a market and it tramsforms into an indicator that's being traded. The uninformed have really no idea on what goes on in these markets. It's scary!! I worked on the oil desk for a company in London making markets in Brent WTI and Gasoil. There were approximately 20 market makers for the whole sector. They are the indicators lol. Where their orders are, not why Mr Elliot is saying! Join my telegram group. We chat about this stuff all the time! @BHEMMT

[@miguelenriquez3992]

Right on... Elliot wave is a joke.

[@allel26]

i get what you mean. it's like religious nuts cherry picking their medieval scriptures to justify their bigotry. *slowly walks away*

[@emmanuel6229]

Newbies stay away from this video, it will take away from you, the only thing that's works in financial markets.

[@ianmugodo935]

If it makes money...it's a good system...there's no holy grail...and if you're looking for one...trading probably isn't for you...every system requires traders to think on their feet when their initial thoughts are incorrect. you shouldn't spend your trading career looking for systems...you should spend it mastering the ins and outs of one system

[@povoaa5675]

It doesn't tell you what is going to happen in the future. Instead lets you know where you are at the present time, which leads to better future decisions

[@ultrapurple111]

What is it you are really criticising, the method or the proponents of the method? If the latter, I actually agree with you. There are many cowboys out there who do not practice Elliot Wave with sufficient degrees of accuracy or detail. Nevertheless, the method works. It just requires patience, persistence and the need to re-align your expectations of the method. It was never deemed to be a cast iron guaranteed of an outcome but an exercise in reducing the number of possible results. It gives you an edge, and a good one at that.

[@SiLoMixMaster]

It's far too subjective which is the problem, ask 10 Elliot Wavers to plot out a chart for the same market and you will get 30 different answers because they always have 3 counts each in case they have the counts wrong lol. It's even worse in crypto markets with all of the noobs putting up their Elliot Waves charts after watching 1 tutorial video on youtube then being completely wrong several times before finally getting it right then claiming EW is the best thing since sliced bread.

[@danathletics8787]

In any correction you can calculate the time according to price margin something you didn't know, time calculation tells you how much time will left in corrections . second where to enter the trades in EW not this way....

[@danat8032]

I’ve just made 1156$ trading es mini futures on a sunday in 2 hours. Elliots waves is the best thing happened to me!

[@kingcrimson234]

Nailed it. Stick to the basics and become a far more profitable trader. Support, resistance, basic price patterns, candlestick analysis, volume. Don't waste your time on esoteric crap like Elliot, Gann, Fibonacci, etc. None of that will help you.

[@LofiLounge80s]

Uhm, yeah, he doesn't know how Elliot wave works. I definitely DO NOT count my waves the way he described elliot traders do. In fact I didn't start winning trades until I learned how to properly use Elliot waves with Fibonacci.

[@superhacker35]

I dont think that you can just recalculate and add another wave to form a new pattern if they are harmonically based on fib numbers and ratios to one another

[@Sydopath]

Here’s the biggest problem with the theory. If EVERYONE uses the same theory, then their reactions will flatten out the peaks and troughs, resulting in a stagnant market. In order for it to have any success, you need to maximise the amount of uninformed lemmings roaming free in the market space

[@ln2deep]

The main reason to know it is that other people are using it which creates psychological expectations on the market that have real consequences for price action. I agree though that it doesn't really make much sense and is open to huge biases. It's just a market goes up, market goes down theory. One could probably evaluate the claims computationally relatively easily.

[@suthmo]

Elliot update May 27, 2016 Orthodox tops and bottoms Again Elliot theory has re defined reality to fit the broken model. Started in middle of the preceding wave and calling it 1 and 2. Then 3, 4 and five are a new wave set 1, 2 and 3. Like trying to fit square peg in round hole. And then get excuses such as the end that's not higher than the true end that precedes it. The higher high or low dubbed orthodox end! Reconciling Function and Mode This section takes us even further into bat country with Actionary Corrective waves. Claims that some Actionary waves operate in corrective mode. An actionary is just that and corrective is just that, the mixing of the two here is symptom of incorrectly identified overall count. 1,3,5 are actionary and 2,4,6 And 8 are corrective there's no blending of modes in the true wave system. Elliot states that the wave system doesn't apply to instruments fixed by edict by gov. I can safely say I've realized the true system and developed it across gold and euro charts and the Dow stocks every one operating the same way. ////////Update 10/06/16 Guidelines to alternation There are insufficient diagrams. Why would internal 2 make a new extreme. Forecasting corrective waves All the counts are wrong. Wave 1 and 7 and all the magic therein is completely overlooked and lost with pseudo labels. Elliot misses the top of Some waves and counting multiple waves as one. States that guidelines are not a rule a lot, because he's out of faze. Behavior Following 5th Wave Extensions Wave counts are out and all important things about retracements are overlooked. 5 is 7 Channeling wave equality Again wave counts are wrong, waves have been bunched together. Wave Personality (and mass psychology) Why are we attributing price action to human behavior? What do human emotions have to do with the variable ratios of time and volume flowing through a fractal?. What does fractal mechanics have to do with human emotion and do people have exactly the same emotions in the same order over and over again? The cycle does the same thing over and over again never changes, always true to itself, does that sound anything like human emotions? Channeling Technique I thought it was cute that Elliot claimed dominion over 'The Channel' He so obsessed with making those waves fit in his nice neat channel. Seem to force wave count to fit the channel and his 5 number. Beware the imaginary boundary. The Right Look I had to laugh when Elliot is proclaiming "it's wrong to force a three wave count into a five wave system", haha. He crammed five into seven. Elliot makes detailed breakdown of all the waves personalities: The counts are wrong, there's not one chart or diagram throughout the detailed description of each wave. Wave one is not even included. Waves 2 through 5 and 7 through 9 (a,b,c,d) are included. He's labeling the first sub 2 and calling it a starting point. Learning The Basics The counts are wrong and more calculating from the orthodox high. Summary On the good side Elliot's The Wave principle gives us a framework to operate from, it's got it's merits and following the principles correctly can lead to some great trades, however..... The Wave Principle it's very hollow, it's out of faze, somewhat misleading and detrimental to a true understanding of the cycle. It's a bit of a walled garden.

[@aryansaei2088]

Sir you don't know what you're talking about. Elliott wave doesn't work like that. I make good money from trading Elliott wave and i must say it is most accurate way of trading market. But the problem is that you have to spend at least 5 years to understand Elliott wave. If you don't know how to use a tool it doesn't mean that is ain't work

[@MrMetamorfozza]

0 Understanding of the Elliot wave principles ...