[Elliot Wave] Avoid the Top 5 Mistakes: Tips to improve your Wave counts & trading results

Are your Wave counts often wrong and need to be frequently revised?

Elliott Wave Forecaster Glenn Neely explains, “If you’re constantly changing Wave counts, your mind, your forecasts, and your trades, this can be mentally exhausting – and financially devastating.” (Note that one simple mistake, which you can correct on the spot, is spelling "Elliott Wave" correctly, instead of "Elliot Wave" or "Eliott Wave.")

Here is Glenn Neely's list of the Top 5 Mistakes most Elliott Wave analysts make: 

1. Price DEGREE Errors -- Smaller degree patterns should NOT consume more Price than larger degree patterns. 

2. Time DEGREE Errors -- Smaller degree patterns should NOT consume more Time than larger degree patterns.

3. Price CONSUMPTION Errors - In standard impulsive patterns, wave-2 should NOT retrace more than 61.8% of wave-1 AND wave-4 should NOT take retrace more than 61.8% of wave-3. 

4. Time CONSUMPTION Errors -- In standard impulsive patterns, wave-2 should NEVER consume less Time than wave-1 (from beginning to end) AND wave-4 should never consume less Time than wave-3 (from beginning to end). 

5. Post-Pattern BEHAVIOR Requirements -- Logically derived from the above concepts, when an old pattern completes and a new trend begins, the new trend MUST start with a move that is larger and more time-consuming than the prior counter-trend corrective rally inside the last correction. 

ANY pattern that does not adhere to the above rules is almost certainly going to be wrong and require future revision as you realize your “forecast” did not pan out. 

CLICK HERE to listen to this interview with Glenn Neely: "Avoid the Top 5 Elliott Wave Mistakes: Tips to Improve Your Wave Counts & Trading Results"

In this educational discussion, Glenn Neely walks through 5 common Elliott Wave mistakes made by analysts and traders. He outlines each mistake in detail. Plus, you’ll hear sage advice based on his 35 years as an internationally recognized Elliott Wave forecaster.

To whet your curiosity, here are some of Mr. Neely’s comments from this interview:

• “You can’t have a good trade unless you have a good Wave count. You can’t have a good Wave count if you disregard certain price and time rules.”
•  “You either have a trending market or a corrective ‘going-nowhere’ market. They are two separate phenomena, and they should not be combined together.” 
• “The beginning of a new trend must be bigger and faster than any lower-degree pattern to confirm that it’s actually a bigger-degree trend.”

CLICK HERE to listen to this interview with Glenn Neely: "Avoid the Top 5 Elliott Wave Mistakes: Tips to Improve Your Wave Counts & Trading Results"