Elliott Wave Principle for trading in financial markets was developed by Ralph Nelson Elliott back in 1930’s. It’s still very popular among all sorts of chart traders and is even more popular among Forex traders. Even EarnForex.com features a section with daily Elliott Wave videos. Despite that, I cannot say that I am a huge believer in the Elliott Wave theory. It is very subjective, in my opinion. 10 different Elliott Wave analysts will see 10 different patterns on the same chart. I’ve never used EW patterns in my trading and I rarely consult technical analysis that is based on them. Nonetheless, I tolerate the idea that Elliott Wave Principle is working for many successful Forex traders. And how about you?
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