Elliott Wave Principle

things learned:

• structure of most price formations
• wave 1 is start, 2 is disbelief from short sellers, 3 is the strong wave where smart money gets in and always the longest, 4 is where smart guys get out and 5 is when all the dumb ones get in and then the upward climb is over as everyone who wanted to buy is already in...then u have A wave down, and B which is disbelief from the slow and dumb who want to buy on dips, and C is strongest as it completes the correction as there is emotional selling
• there is a structure to how price moves...more than just stages or bull vs bear trends
• fib retracements are very useful...38, 62 are most important
• corrections are complicated and they can give insight as to how strong or weak the countertrend party is...
• flats vs zizzags
• tough to count waves many times
• works best with SPX as it has many participants...only works well because its based on human emotions
• small volume stocks don't have much human emotions so doesn't necessarily work
• every wave is part of another wave...can zoom in and zoom out and always still see the 5 wave up and 3 wave down, even when in downtrend...
• everything is related
• more to the way a stock move than just a pattern...can be broken down more to understand where in the trend is it in and see the strength of it based on its correction waves
• can even use it to help make targets using fib and channeling
• good info as supplement but won't use this to change my entire system