So I encountered this "chartist" on steemit charting on crytocurrency.
I wanted to call him on his BS so badly.
He claims he charts on elliot wave theory, he starts placing 1 2 3 4 5 a b c wave on his chart.
Made a claim.
Then he goes on to plot a triangle that tells me he is a bogus trader. His triangle pattern was obvious to any seasoned traders out there that he has no understanding of elliot wave theory.
I just pulled this off google randomly Source
I am so pissed when this guy has a decent number of people following his bogus trades, stating that he has over XX years in the market.
I can't use his chart to show what a joke his chart was, but I can't stand these gurus, acting like they know what they are trading, but their real business is being a "Guru" and the worst is they got a whole bunch of people following their bogus analysis.
Some might argue that elliot wave is subjective etc, but there are some principles that are just golden.
I totally understand wave counts are subjective and i've preached that 10 traders can have 10 different views on wave count.
BUT, there are a b c d e waves inside a triangle, this bogus trader basically has 2 ridiculous wave inside thats it claims it is a triangle. I wished I could show you the exact chart, but I don't want enermies or to ruin his business".
There are 3 golden rules on elliotwave, (cheetah if you catch me on this few lines, I am going to be pissed, these are facts)
1 : Wave 2 can never cross wave 1
2: Wave 3 cannot be the shortest of wave 1,3,5
3: Wave 4 does not enter wave 1 territory
Elliot waves are used to predict market cycle, 5 impulse wave(12345) followed by 3 corrective wave(abc)
But most of the time corrective waves does not happen as simple as abc, there are a lot of complex corrective waves available.
Most of the time one may get confused to which wave it may be and if this is a complex corrective.
The simplest way to check is, zoom in on the timeframe you are in and re-count. H4 uses H1 to recount etc.
Inside each wave, it is possible to count the 5 wave again. Confirming a 5 wave can mean wave 1 in the higher timeframe etc
I know this extremely difficult to understand, took me years too. Maybe I will share a detailed post about it if there are enough interest on it.
If you are in anyway offended, just take it as I am ranting my unhappiness. And thanks for the read buddy!
PS:
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