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RE: STEEM-BTC: Next wave down ahead?
Wow great post, I have been hearing about the elliot waves for a while now and this is the most in depth post here I have seen on it. Thank, you! Would love a more in depth post on this more. Upvoted and following ^_^
Hi ballinconscious, Elliott Wave is a complicated theory. Ask 100 Elliott Wave fans/analysts, and you will get at least 100 different opinions. If you are interested in the topic and want to learn more, please start with the book from Prechter. I'm not able to compress the content of the book to one post on steemit.
I started to learn the key principles of the theory around 10 years ago, and the best hint I can give everyone is, that this theory is not usefully if you want to trade with it every day. In my opinion Elliott Wave gives you only an advantage if you have the time to wait for special situations, to wait until the Elliott Wave patterns are very clear to detect and the direction of the next market move can be predicted with high probability.
https://www.amazon.com/Elliott-Wave-Principle-Market-Behavior/dp/1616040491/ref=sr_1_1?ie=UTF8&qid=1481148208&sr=8-1&keywords=elliott+wave+principle
Oh wow, that is a complicated theory. Sounds like it has many different interpretations! Ok, Thanks you I will read up on prechter. haha I wouldn't want you to summarized a whole book in just one post anyway!
Oh wow, ok thanks for explaining that so well. So the Elliot waves is more for long term trading, right? It sounds like the elliot wave patterns really only become clear after a long period of time. Thanks again, for explaining that in your perspective I will read up on it more now.
Elliott Waves works in every timeframe, from short-term Tick-Charts till Charts over decades, as long the analysed market
You can trade with Elliott Wave also intraday short market movements, but you need the patience to wait for your setups.
And due to the complexness of the Rules, most of the Elliott Wave fans (me included) do not have the full ruleset in mind and make errors. That's why different interpretations are possible.
Glenn Neely from NEoWave added around 20 years ago additional rules to the Elliott rule set. https://www.amazon.de/Mastering-Elliott-Wave-Presenting-Forecasting/dp/0930233441/ref=sr_1_1?ie=UTF8&qid=1481285334&sr=8-1&keywords=Glenn+Neely