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Yes, have not been a fan of Elliot either - mostly because I just haven't been able to make it work for me, as well as seeing people who use it constantly adjusting the waves when they don't pan out as they thought they would (which I guess is what trading is - constant adjustment)
But @peterg brought up some interesting ideas and observations, and as he said, he isn't using Elliot specifically. I am looking forward to the continued comments.
I have read Bill William's book - actually have it here somewhere among the other 100 or so trading books I have bought over the years. No doubt some of his concepts have impacted my trading, as obviously my trading is based on fractals to a degree. May have to dig it out again and give it another review.
Can you help answer these questions from other members on NexusFi?
And I i'm no Fan of exact Elliott counts either...just the basics. 5 trend waves(1,2,3,4,5) followed by 3 corrective
waves (abc). Action / Reaction. Impulsive swings show little retracement while typically corrective show more overlap consolidation and deeper or full retracement
The reason for use is just for quick context, since this is pure price action trading...just count the swings...look left and anticipate to the right. And you are definitely concluding with a bias for your actions
This is fast and dirty Elliott.... the numbers depict the trend and lead direction while the letters are the corrective phase and offer entry opportunity as pullbacks to get long.
They are fractal in nature...they display swing ratios through out both Extensions and Retracements(not shown but proportionally visible.)
I think this is taking it a bit overboard....
Even if the five waves you count are actually corrective abcde, theory of alternation suggest 3 to follow or 5