Your, not THINKING, YOUR READING A DAMN BOOK WITH THEORIZED RULES, now THINk!!!!!
Develop and Improvise or there is no room for improvement. You going to be stuck in the Box
forever.
Use the Line on Close....
mysteriousawake, the following is meant as constructive criticism.
Rule errors (separates possible from impossible) in your chart:
- wave-3 of wave-I is the shortest as indicated by RyNinDaCleM
- wave-Y must head below wave-W unless in a WXY(triangle) combinational corrective
- wave-4 enters into the territory of wave-1 as stated by SkRRJyTC
Guideline errors (separates likely from unlikely) in your chart:
- proportionally, wave-2 is enormously longer (temporally) than wave-1 at ~$5
- proportionally, your wave-iii (~$4.6-$15.4) is larger (both temporally and spatially) than wave-1 ($2-$7.22)
Things to consider:
- Not everything needs to be improved or improvised on.
- These "theorized Elliott Wave rules" were put in place and used successfully by those who studied markets far longer than yourself. Experience matters.
- That box (discipline) is the only thing keeping TA from being completely subjective and useless. There is a reason why the most disciplined traders over time are the most successful.
-
Never use Elliott Wave in a TA vacuum. Without using other forms of TA alongside Elliott Wave, one's bias completely takes over and any EW analysis is basically a fancy way of justifying where you
want the price to go...This is in stark contrast to using Elliott Wave as a road map to help interpret what other TA variables are saying. In short, by using other forms of TA alongside Elliott Wave, you are able to justify your conclusion with evidence; without using other forms of TA, an amazing assortment of Elliott Wave possibilities (one being correct) becomes likely which makes any analysis
consistently more complicated and less accurate (useless for the purpose of trading). Learn to think of Elliott Wave as a TA tool instead of as the holy grail.
