EW......caution

1. Markets only exhibit a useful Elliott wave pattern about 50% of the
time. Traders or investors who try to apply an Elliott wave count to
each market at all times and under all conditions are usually forcing a
wave count just for the sake of exhibiting a wave count. When this is
the case, the Elliott wave pattern information is not only useless, but
misleading and can prove very costly.Market analysts who limit their
entire technical approach to Elliott wave analysis are notorious for
doing this. They try to prove something that does not exist. Practical
traders and investors recognize when Elliott wave analysis is applicable
to a market condition and when it is not.

2. At titles, particularly with complex, corrective patterns, there is
simply little clue as to the position of the market within the context
of the pattern of the larger degree trend. All indications may be that a
market is in a correction, but once the market gets beyond a simple
ABC correction there usually is not a confident, specific pattern
interpretation. When this is the case, the analyst should not try to force
a complex count just for the sake of trying to identify something that is
not reliably identifiable.