Hi Hawkish, you have a valid point re liquidity, the charts can have spikes & dips that dont quite fit when the sp can move a fair bit on very little volume. I dont think I'm a qualified person to prove or disprove the elliott wave theory, but it certainly prevented me from buying CRK at $1, my average is almost half that, I dont rely on it exclusively, MACD RSI etc, proper wave counting requires continuous hourly charting, so sometimes it's difficult to pick all the minor waves when you look at a daily chart for extended periods.
It's not cut & dry either, there are wave extensions & multiple corrective variant formations to keep you on your toes. Have a read of the article in my signature, it's only 70 odd pages long, a really interesting read, even if you choose not to believe in it.
I'm sure GANN fanatics probably think Elliott Wavers are mad :) I dont believe to the point that technicals control the SP, the fundamentals do that, but the formation of the progressions certainly contain clear patterning.
CRK Price at posting:
47.8¢ Sentiment: Buy Disclosure: Held
