I understand why you would move on from Elliott Waves. I was the same and found using them extremely frustrating and ambiguous, until I kind of cracked them.
I base my Elliott Waves mainly on Frost and Prechter's book 'Elliott Wave Principle: Key to Market Behavior' .
A few things:
- When you look at the chart on a daily timeframe, the waves should look similar. It is unlikely that the drawn 5 will correspond to such a large 1
- In wyckoff's downtrend he shows a 5 wave sequence with the first wave being an extended 5 wave sequence in itself. I see a similar pattern in the ASN downtrend but in reverse, where the last wave is an extended wave with subwaves. This downtrend is from 47.5 to 13c(as of now). The rest of his accumulation chart could eventuate though.
It can be difficult to just look at a chart and count the waves. What I've found the most helpful is to create a set of chart screenshots and a spreadsheet of where the waves have occurred, and then if I find a new stock try and match it up to a wave pattern that has already eventuated. Half the time it's from memory though because I look at a lot of different stocks.
Just working on some charts and will post a full analysis soon.
