Wave 5 high on Russell

[Steve Griffiths]

Hi Everybody,

I am often asked if MTPredictor can automatically identify some of the other common Elliott Wave patterns. the answer is Yes. Here is an example on the Russell Index which appears to be making a Wave 5 high.

Not only is the perfect Elliott Wave Pattern found and displayed on the chart, but the typical areas where the swing in question is likely to end is also placed on the chart for you. Here the Typical Wave 5 WPT. Also red (or blue) reversal bars help confirm the high or low.

As you can see, MTP does all the work for you for automatic Elliott Wave identification

So lets see if the Russell Index declines form here ?

Steve

[Steve Griffiths]

Hi Everybody,

There is one vital piece of information that most Elliott Wave experts fail to realise and that is - "Wave 5's are unreliable and hard to call the end of with a high degree of accuracy".

I have covered this in detail in my Trading Course, and is one reason why I prefere the simple ABC over trying to pick the end of an impulsive swing. This Russell wave 5 high is a perfect example. As you can see, the Russell declined slightly before finding suport at a level of a prior swing pivot.

This is where MTPredictor is different. I tecah how EW rearly is the the "real world" not by some "ideal" examples in Books "in hindsight". So if you want to trade and deal with Elliott Wave as it rearly is, then please re-read the MTPredictor Trading Course.

Elliott Wave can be very profitable, as long as you know which parts to use and which parts to avoid........

Steve