elliott wave analysis of xjo & spi, page-41

woollydog

Hello

To answer you question is like answering the question, how long is a piece of string?

Elliott Wave is not a forecasting tool per se, contrary to what many think about the use of a forecasting tool.

You simply are trying to unlock a particular pattern and then use that information to look ahead at the markets likely direction, but with a measured risk/reward based on the pattern.

Think of things more in price and pattern as opposed to time, things can take as long as they want, but as long as you are making $$$ time is irrelevant.

Its a trading tool just like every other technical tool.

Nobody knows how long a H&S pattern will last, but we simply trade the pattern based on a number of guidelines, the same is for Elliott Wave.

To try and project a certain target on a certain date is fools game, i use it in a way that i look to find set ups and simply go with what i see, then trade a setup when the conditions are ripe.

If the conditions change i simply get out and go any look for a new setup, time is irrelevant to me, i am more interested in finding a setup i understand and can control the risk.

Sorry no mystic meg stuff here, no one can tell the future, well no one that i know