wiith all due respect to the EW followers heeres a copy and paste job...enjoy..
been saying this for ages too...
one small point to be noted while assessing the trend
1.A trend which is in place will stay that way until a bigger (way way bigger) opposite force acts upon it
2.while something is falling what most amateurs are doing is anticipating a reversal at each moving averages, Fibonacci levels, rsi supports etc etc. and offcource burn their hands in the process of executing it.
3. In contrast, if one thinks and acts on a continuation of an existing trend, u have chances of going wrong only once, which is when the reversal comes. But u have bigger , way bigger odds at continuation
4. NB: most elliotticians , if u observe, talks abt reversals exclusively which would come in the future. They nvr talks abt the present scenario which can be traded if analysed properly.
5. They are the ones creating the illusion in novice traders mind that these guys possess some magic tools which predicts the future. IN fact , most of them have a pathetic win rate
Elliott wave's back testing always right. Still wondering how ???
Because they keep on changing the wave counts