Elliot Wave Theory - Looking to learn - count on the DOW

The only advice I would give is to take a look at the longest view possible for the instrument you are attempting to analyse.



dl.dropboxusercontent.com/u/7238706/DJ%2...TRIAL%20AVGyears.png

This is the DOW from present back to 1978. Does it look like an impulse? Does any, or all of it, fit your criteria? If it does then great. If not, then think again.....

The most important thing with Elliott is to have a system you understand and can work with. Ignore everyone else, because you are making decisions about investing your money, not someone else's. Don't believe me... then ask Remo: he has his methods and sticks with them. They don't suit everyone; but that's fine, cos he knows what works for him and he invests his 'hard-earned' in his way.

Lastly, don't get too involved in the minute detail: it's rarely important. Always keep the big picture in mind then you will be on the right side of the trend.

Ok, please bear with me on this on, and be gentle.

For the last 2 nights I have been busting my balls with possible EWT counts for the DOW.

I had one last night that looked valid to me, however, in hindsight, I wasn't thinking about moves within moves, or primary/Cycle moves more to the point.

I was directed to go look again and come up with alternative counts. I frustrated myself because I couldn't look past my own bias - but I came in fresh tonight and had a look again. This is what I came up with.

If I am right, I believe we are currently in a sub wave 5 of a primary wave 3 - to be even more specific, I think we are in a minor wave 3 of a subwave 5 of a primary wave 3 if I understand it the way i think I do at the moment. You can see the minor wave on the Daily chart.

Now I know I could be wrong with the titles of primary/subwave/minor wave - but try to bear with me and understand the point im making is relevant. But if you can tell me the real titles, that would be great.

The only rules I use when looking at EWT are the 3 hard rules, being:

1.Wave 2 must not retrace more than 100% of wave 1

2.Wave 3 must not be the shortest wave

3.Wave 4 must not enter the zone of wave 1







Anyway, thought I would share here and see if I am on the right track. Looking at it, I feel confident it all fits - but as always, would love some feedback.

If it is indeed a correct count, I am honestly starting to see the power of EWT. Especially in moves that may seem frustrating to an inexperienced trader - having a look at the bigger picture, before scaling down can really really help to understand price action.