weeno310
Long

S&P500 UPDATED 24H OUTLOOK

OANDA:SPX500USD   S&P 500 Index
Just some updated thoughts based on the way S&P has been developing lately..
Do you follow the Elliott Wave Principle by Frost and Prechter? If so, wave '(C)' should always be composed of 5 waves and it really looks like a 3 wave move.
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weeno310 everibarra91
@everibarra91, Yes I have read their book. Keep in mind what they describe in there is very idealistic.. there are tonnes of variations for every pattern in reality and you can only know what they are through many failures and experience.. no book can teach you this, only failures can and tweaking your strategy as you build a sample size of patterns in your head over time.. you can try and count how they described in the book but you will find yourself getting very frustrated over time when the counts don't work.. nature is very probabilistic.. I'd consider what they write as very basic and fundamental, but through years of experience you will develope your own repository of patterns and the likelyhood of how they will develop..
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@weeno310, Interesting take. In a way you are creating your own idealistic version of Elliott's theory. Good luck fellow trader.
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artizan777 weeno310
@weeno310,I completely agree, these books will help only 10%
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