You can apply Wave theory (NEoWave or orthodox Elliott Wave) to virtually any market, with one important exception. Keep in mind that NEoWave is an extension of Elliott Wave. In fact, you'll often hear it described as "advanced Wave theory."
When thinking about which market to follow when using Wave theory (whether it's NEoWave or orthodox Elliott Wave), you must understand the "ideal foundation" of Wave theory. Wave theory is based on tracking mass psychology, so it requires markets in which the primary foundation is psychology. This is why Wave theory should be applied to markets that are 1) man-made and 2) have perpetual life. These two criteria must be met when attempting to apply Wave theory to a particular market. Examples include the S&P 500, Gold, T-Notes, and Euro.
In contrast, agricultural products – which are nature-made and have limited shelf-life – are NOT good candidates for Wave analysis. To be clear, Wave theory should NEVER be applied to agricultural products.
However, there is an exception to the "ideal foundation" rule. Bitcoin is a great example. It is completely man-made, has no expiration date, and its valuation is derived solely from human emotion and the perception of value. Consequently, Bitcoin should be an ideal candidate for Wave analysis. Unfortunately, despite the "ideal foundation" of Bitcoin, there is yet to be a single CONFIRMED impulsive pattern formed since its inception. For this reason, NEoWave founder Glenn Neely has delayed the introduction of Bitcoin into his NEoWave Forecasting service. Until an impulsive price action is identified (or any action that reflects traditional Wave patterns such as Flats, Zigzags, or Triangles), followed by proper confirmation, Mr. Neely will withhold judgment on whether or not Bitcoin can be predicted using Wave theory.
The NEoWave Forecasting service follows these four major markets:
The S&P, GOLD, T-NOTES, and EURO
To learn more about following (and applying) NEoWave theory to these markets, Mr. Neely offers a NEoWave Forecasting service. This educational service presents REAL-TIME charts, detailed comments on Wave structure, and includes NEoWave analysis by Mr. Neely. The NEoWave Forecasting service follows these markets in real-time, and subscribers receive weekly, monthly and half-yearly reports in the market (or markets) of their choice.
The NEoWave Trading Service provides detailed recommendations on these ETF-focused market categories:
This service is ideal for traders who want expert guidance as well as busy professionals (including money managers and brokers) who don't have time to design their own trading strategies.