SPX Possible Elliott Pattern
Updated
I seldom use Elliott wave simply because of the extreme bias it has. I know that the Elliott wavers will say that
there is safe measures in place to correct your hypothesis, but why correct it, just simply use divergences or
some other method of analysis where you remove as much bias as you can? Anyways I do sometimes use it
from a long term and hopefully completed pattern. I mean by that is that I do not add the hundreds of fractals
that others do and settle with the pattern being finished or next to finished.
Here I will borrow from Elliott wave in negating this premise that the markets are about to bottom in saying that
if there is a new bottom and with big volume then this hypothesis is invalidated.
Long term investors should be looking at this. Stops would go below the lowest low. To be safe wait for oscillator
confirmation. Let's hope this is correct. I getting tired of the silly bears.
there is safe measures in place to correct your hypothesis, but why correct it, just simply use divergences or
some other method of analysis where you remove as much bias as you can? Anyways I do sometimes use it
from a long term and hopefully completed pattern. I mean by that is that I do not add the hundreds of fractals
that others do and settle with the pattern being finished or next to finished.
Here I will borrow from Elliott wave in negating this premise that the markets are about to bottom in saying that
if there is a new bottom and with big volume then this hypothesis is invalidated.
Long term investors should be looking at this. Stops would go below the lowest low. To be safe wait for oscillator
confirmation. Let's hope this is correct. I getting tired of the silly bears.
Note
I suppose the other name for this pattern or even the correct name for it is WXY pattern. Whatev.
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