Users: Tomb: Dow weekly 2.png

Thanks Tomb. EWT is like boarder line scientology isn't it? Like, why is it always 5 numbers? 8/7/15

I tried to edit my comment because it came off dickish. Sorry. I don't understand ewt, especially when to start new waves? 8/7/15

For urban, the textbook for EWT is Elliott Wave Principle by Frost and Prechter. In hindsight, every move is in a pattern of 3 or 5.  
The problem is not being able to place a bet in hindsight. I think the fact that so many programs "see" where buy and sell orders are these days, algos know how deep to buy and how long to sell into, running stops on both ends to max out profits. Add a Fed improperly intervening in the "free" market and a Congress that has been happy to suspend its oversight responsibility, and EWT, once slightly predictive, is now a dinosaur.  
Elliott Wave is still useful to help new investors/traders understand the rhythm of the market, but is not a good method for making buy/sell decisions. 8/8/15

Only thing I use that is ew related is for triangle structures and count for that pattern then apply the rules of trading that pattern. Never had a problem doing so and have made lots of money doing it. So the part that I use hasn't failed me. I stay away from the other counting and recounting simple wave an impulse waves ect. Nice chart I agree with the expanding triangle pattern though. 8/8/15

Thanks for the feedback. I completely agree with you Mike and Freenclear. If you try to trade on EWT counts alone I think almost everyone (and probably everyone) will lose. I don't recommend it. It is just not predictive in foresight. There are always too many possibilities. But in hindsight the patterns it describes actually do often come clear. It really just a complex pattern system. And like Mike the form of come corrections and consolidations like expanding and contracting triangles is very helpful. I also like the frequent formation of channels which is not necessary a part of EWT but part of what Prechter talks about. Have a great week. Speaking of channels I am going to post one more possible long term count with a great channel. But this count would also imply major corrections around the corner. 8/8/15

Another excellent chart. Not for the EW counts, which I don't care about, but for the clear channel you drew. Clear and concise and useful. Good work. 8/10/15