Because Elliott’s Wave Principle and its application is not 100% objective
like time and price projections, it has been derided by many as useless and
little more than guess-work. This is particularly the tack taken by system
junkies and system promoters who live under the illusion that market
activity and a successful business of trading or investing may be reduced
to a mathematical algorithm that will provide them with keys to profits
with no strain on the brain.
Elliott’s Wave Principle and its catalogue of patterns and guidelines
provide an objective method to recognize the position of a market most of
the time; be prepared for the most probable outcome of the current market
position on a consistent basis, and; provide for the specific market activity
that will invalidate the current opinion. The Wave Principle requires study,
thought, knowledge and, yes, even occasionally, judgment. Every
successful business requires this. If you are under the illusion that you can
succeed in the business of trading or investing without knowledge and the
occasional application of judgment based on that knowledge, you probably
don’t remember the 60’s! And, probably don’t care and should get a job
and a haircut.
When the market is not unfolding in a clearly recognizable pattern
within the context of the Elliott Wave Principle, do not force a wave count
just for the sake of having a wave count. Trading and investing will only
be successful when you recognize that action is only taken when the
market is in a position that places the probabilities clearly on your side.
There is no place for guesswork or ambiguity. Only your own, personal
patience and discipline will provide for success.
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