SMN - Chart, page-3354

Patong,

Obviously, you have never mastered Elliott Wave theory.

In a trending market with good volume, EW can be very useful. I find it very useful in making a target where you take a profit. There have been numerous instances where I have picked the exact top in a wave, enabling me to take a profit.

In the futures market, trading the SPI many years ago, I was able to stay long in a trade for 999 points @ $100 per point, but the quarterly contract expired before reaching my target of 1,000 points. The physical market opened up next day which meant that I would have achieved my 1,000 points. The market then collapsed.

Trading using EW is not a science, it is an art. It is your ability to understand the movements & know when to enter & exit markets.