Elliott Wave Theory

My opinion: Elliott Wave Theory is not too hard to learn but it's hard completely master it, because most people lost in technical terms.

1) Rules: Not fully memorize the rules can lead into wrong analysis that against your trades. In the end you might be depressed and hate Elliott Waves.

2) Experience: Whether in stocks, crypto or forex, the Elliott waves can be applied where you are going to see the combinations of five patterns. Just remember there are just two moves: Motive and Corrective. And there are combinations of five patterns. There are people saying the Elliott Wave Theory doesn't work.

3) Includes indicators: I have seen people adding indictors into their charts while doing Elliott Waves analysis. You need to be faithful in this theory -- no indicators needed. Because you FOCUS on counting the waves you would get an idea what the market is trying to do. DO NOT TRADE until you see a pattern or the setup. Also, people, who are forgetting the rules and not enough experience, are using indicators to help them in case their analysis goes wrong they can switch it to other strategy. My solution is instead of using indicators I would use LEVELS strategy to confirm where the trend is at.

The bright side of people have mastered Elliott Waves that you can see the widest moves or trends of the market even from the beginning to today on a chart. Therefore, learning Elliott Wave Theory is a must have for any analyst. You need PRACTICE and PRACTICE because you need to see it on your eyes. When you are stuck, just look up the rules trying to understand the rules again.

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