I have read the Frost and Prechter book on Elliott Waves and have also visited elliottwave.com to learn as much as I can about it. It seems that many people swear by this system as means of forcasting markets. Reading the old version of the book and then the updated version online, I noticed that they added new terms and new wave sequences.
It seems to me that because of the complixity of their system one can easily use their immagination to apply the wave system to any graph. It also seems conveniant that irregular patturns can simply be explained by: zigzags, multiple strings of a b c's, elongations etc.
Can anyone tell me of their experience with Elliot Waves? Is it useful as far as short term technical trading? Am I the only one who thinks that there are too many rules and exceptions to make it an effective trading strategy?
Thanks
It seems to me that because of the complixity of their system one can easily use their immagination to apply the wave system to any graph. It also seems conveniant that irregular patturns can simply be explained by: zigzags, multiple strings of a b c's, elongations etc.
Can anyone tell me of their experience with Elliot Waves? Is it useful as far as short term technical trading? Am I the only one who thinks that there are too many rules and exceptions to make it an effective trading strategy?
Thanks