Is Elliot Wave Theory a self fullfiling prophecy?

[thevoyager23]

It seem that the 1-5-abc pattern can fit over any pair and and time frame.
Reminds me when people use that silly golden ratio curve and fit it to any random picture and call it the hand of divine creator.

Or is it a pretty accurate tool?

[Zilon]

Elliot waves fit well in all time frames but its effectiveness depends on which time frame the trader functions best at. The 1-5-abc wave pattern formed are mostly repetitive forming motion waves and corrective waves alternating at every trend. This formation is quite simple but a bit technical because spotting best waves that corresponds to impulsive or motion wave will determine how accurate the wave forming the repulsive or correction wave.

Mostly 1,3 and 5 forms upward motive wave in an uptrend and while 2 and 4 forms corrective wave with A,B and C making smaller waves and the reverse in a down trend. Elliot wave can be a useful trading strategy because trends are always forming waves at every successive move but knowing when to join this waves is what makes the best of this strategy.

[jackg]

Elliott waves have been proven not to work from when I last checked the literature on it. They do make up a support and resistance style model though, if you're loosely betting on the waves you'll probably do OK. The issue with the 1-3-5 stuff is that I've seen 1-3-5-7-9 on the 15m timeframe become 1-3-5 on the 1h timeframe (and a lot of the time things don't work out between them properly either, like half a wave that falls or something that stunts the wave - especially for larger moves that could mean your resistance/support line falls below/above your entry).

[palle11]

If you are using Elliot waves you also has to consider your timing. It is more of the time because it forms support and resistance for you so it is better on a long-term. 1-3-5 waves may not matter much on a shorter time like 5-15 mins. You need to study the waves very well to know how to apply it.

[el kaka22]

Give or take. That’s the reason why not many people see that as a guessing mechanism, but more like analysis and report giving stuff. When you check it, you see what has been, and not what will be, and some people try to do that but rarely ever works. It’s a self-fulfilling one because it is obvious and that doesn't mean that it will help anyone at all.

I am guessing that the best thing to do right now would be focusing on the future as a long term approach and keep buying more and more bitcoin. I always say this, as much as you can afford, just buy bitcoin, don't even need to look at other coins if you don't want to, but buy it, and buy in bulk if you can.

[borovichok]

Give or take. That’s the reason why not many people see that as a guessing mechanism, but more like analysis and report giving stuff. When you check it, you see what has been, and not what will be, and some people try to do that but rarely ever works. It’s a self-fulfilling one because it is obvious and that doesn't mean that it will help anyone at all.

I am guessing that the best thing to do right now would be focusing on the future as a long term approach and keep buying more and more bitcoin. I always say this, as much as you can afford, just buy bitcoin, don't even need to look at other coins if you don't want to, but buy it, and buy in bulk if you can.

Buying in bulk is simply one of the best strategy to implement in the space in other not to be stranded and it helps and I know people that it has help both in the past and present. Elliott wave theory also aid the trading proceed to be faster and reduces losses in trading. Learning or adapting the Elliot wave theory needs the calmness of the mind and also the seriousness for one to achieved targets. Trading bitcoin remain the only offer for me because it have a solid foundation and promising future which will yields profits at the end.