The big takeaway for me was that this is a very complex and all encompassing way of chopping up market patterns. There are a lot of people who don't think it's a good way of doing it, and there are a lot of people who really put a lot of time into it and mastered it, and in doing so, made it work for them. It's not an easy discipline to learn, and it can take years. yikes. Some portion of my attention span disbanded after reading that part.
For the synapses that stuck around: Nothing wild was introduced, and we aren't doing any calculations. Simply acknowledging that there are forces of nature that we can't really completely understand, and market behavior is one of them. We can give it some general guidelines, however, and that's what elliot waves attempt to do. We are on the lookout for structural patterns that upon completion lead to directional movement.
In order to get there, we start with waves. The simplest waveform is a monowave, which is just the point between pivots on a chart. It can be big or small or whatever. It is the smallest organization of chart-matter. Connecting monowaves makes polywaves. Poli -> Multi -> Macro.
When saying a wave is a certain degree in relation to other waves is a method of self-organization that we basically have to do for no other reason than because our brains work that way. Omnipotence is not in the forecast for a couple zillion more years. Add it all together, and patterns that illustrate the confines of our thought processes begin to appear on the chart. The end goal is that these parts of our brain eventually callous to the point where we can see the patterns and respond to them rather than being caught up in them.
For now, we are just happy if you understand that price movement is composed of waves, and that these waves are identified in relation to one another. (impulse, correction, degree). For the record I don't know who I'm referring to when I say 'we'.
For the synapses that stuck around: Nothing wild was introduced, and we aren't doing any calculations. Simply acknowledging that there are forces of nature that we can't really completely understand, and market behavior is one of them. We can give it some general guidelines, however, and that's what elliot waves attempt to do. We are on the lookout for structural patterns that upon completion lead to directional movement.
In order to get there, we start with waves. The simplest waveform is a monowave, which is just the point between pivots on a chart. It can be big or small or whatever. It is the smallest organization of chart-matter. Connecting monowaves makes polywaves. Poli -> Multi -> Macro.
When saying a wave is a certain degree in relation to other waves is a method of self-organization that we basically have to do for no other reason than because our brains work that way. Omnipotence is not in the forecast for a couple zillion more years. Add it all together, and patterns that illustrate the confines of our thought processes begin to appear on the chart. The end goal is that these parts of our brain eventually callous to the point where we can see the patterns and respond to them rather than being caught up in them.
For now, we are just happy if you understand that price movement is composed of waves, and that these waves are identified in relation to one another. (impulse, correction, degree). For the record I don't know who I'm referring to when I say 'we'.