DislikedI read this all the time, think about it - if fib levels were the reason the market turned it would turn on them all the time. It does not, so clearly fib numbers do not make the market turn.
The next question is well why do you see fib ratios in the markets, the answer to that is that sometimes they show up, but this means nothing. Quite simply almost any ratio will show up some time in the market, the only edge you can develop as a trader is following the big picture. Having researched a lot into this area I can tell you all that technical analysis...Ignored
Maybe I'm just retarded and can't understand it, but elliot wave is crap in my opinion. I think the only reason some people consider it to have merit is because the pullbacks appear to create wave patterns. In a way they do, however pullbacks are a normal process of profit taking and reloading and "counting waves" doesn't help someone predict future price action. I just simply find it nonsense how people look at chart and try to make sense of it by putting numbers and roman letters next to each "leg" of a "wave" in a way they want to see it. Only way to win is to trade big picture or get extremely lucky.