MLeslie replies to: How to use Elliott Wave correctly?

Elliot Wave, if taken straight “out of the box” doesn’t work.

However, it’s worth noting and studying the legs of a market to derive potential setups.

I personally take note of an intermediate time frame (4/1 hour for me) to see how the market is doing at the “elliot levels”. I don’t base my trades off of them, but it’s worth noting the reaction to it.

If, in the event for example that UJ completes a triple cycle (5 wave sequence), I begin to note how the price is reacting to the trend of its last leg down. This gives me a gauge into if the market is prepping for a move to its previous supply zones.

It’s a little hard to explain, but EWave is worth studying. Just don’t bet your whole house on a subjective fibonacci level.

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