Its great to see my words and questions have been resd and answered.
I didn’t mean to beat a dead horse. Just thought that the current BTC situation was the absolute perfect example, so I posted it.
@Nathan_D thankyou for your help and educating me whst a trendline is. I really appreciate it and thanks. Youre awesome.
Has anyone shared this?
bear jesus… lol i love the internet so much :,)
His historic support line has only 2 touches, which isn’t overly convincing. Then his “custom bollinger bands”…well, hard to credit this much when it’s custom values. Lastly, anytime I see Elliot Waves, I just shake my head and move on. Far too subjective for my tastes.
Thanks for the post though.
Yeah, as much as I respect Daniel, I just shake my head and laugh when he starts with his Elliot Wave nonsense. His videos are great up until that point… but as soon as the wave counts start, I can’t take it seriously and quit watching.
Consider this. The leading person behind Elliot Wave theory is Prechter, who made the concept famous after predicting the crash of 1987. Since then his track record with EW has been absolute shit. A few lucky calls does not legitimize something, especially when everyone draws the waves differently, and only after the fact can one be “validated” (aka you make enough guesses, and one is bound to be right).
Everyone does TA a bit differently, as there are a lot of indicators and methods. To each their own, as whatever works best for each person is great. But I think there’s good reason why most serious traders find EW laughable.
If EW works for a trader and makes them money you should respect EW. If used correctly they are very powerful.
Elliott Waves theory is the result of apophenia (the act of interpreting false patterns or meaning in uncorrelated data). If you draw your waves in enough variations, then eventually one will fit. Just because it works on occasion, doesn’t mean it’s real, nor that I should respect it.
If they work for you, then cool. Do your thing.
Could this be the Bottom