Is Elliott Wave theory too subjective?That is not the question you should really ask!

I am starting a new set of articles based on my letters sent to followers. Almost every day I get questions from people who tried the classic Elliott Wave theory but got walked away. Most often they complain about vague rules and high degree of subjectivity when you try to apply those rules in practice.

Question: “ Is the “subjectivity” completely removed by the Harmonic Elliot Wave system? Is it clear and completely rule based?”.

No, I would lie to you if I said that. First, your ability to correctly recognize patterns depends on your experience and skills. You should not only learn and remember them but you have to keep applying that knowledge by recognizing patterns in real trading to automate that skill. However, even an experienced analyst makes mistake from time to time. Sometimes I overlook some clear pattern. Sometimes I try to find a pattern where it does not exist. In many cases two experienced analysts see two or even different scenarios. Let me explain you why that happens. The real problem is not that the rules are vague or numerous. The real issue is that some moves are naturally better predictable than others.

The real issue is that some moves are naturally better predictable than others.