Elliott Wave theory - why does it work?

[uasish]

So 51.50 Low of Eveready Industries broken ,means 5th Down yet not complete.

 

[uasish]

Bring Eveready Industries to your radar, it is about to fall deep to complete its last leg of 5th of 5th Down Wave.Never buy until this fall gets arrested after few days.
Low = 50.70 till 12.48 am
The reward in catching these kind of stocks is that ,after its completion ,expected a new formation will take place where the chances of going below the lowest point of 5th waves last leg is less,& a good upside expected,the same thing happened in Balarampur Chini on budget day's low (28th feb) .Plz refer "Buy Balarampur Chini" thread to actually see what happened & when we entered.

http://www.traderji.com/79872-post1.html

Never try to anticipate & take position,EW is based on hind sight,means 5th whether complete we will know couple of days after it actually happens.Plz depend on your personal system of entry but ,do enter Long ,when that signals,becoz EW says this would probably be it's bottom,atleast for few weeks.

 

[uasish]

Eveready Industries still going down until 1.17 pm Low= 49.80

 

[uasish]

Low= 48.90 only 7 mins left ,huge volume,bought 20 % @ 49.00,now 49.10

 

[uasish]

Plz dont buy than 20% of your plan to buy here is cathing a falling knife.

 

[uasish]

Watching,Eveready Industries.

 

[loosingstreak]

Hi Uashish,

Since eveready seems a contrarian play , I hope you dont mind me asking whats your stop.

 

[uasish]

This is my few weeks investment stock ,go thru the earlier post you will know why,have entered only 20% of my intended investment on this stock till now,after 100% then will decide SL , i want it to fall so i can invest further.

 

[uasish]

Cant make a 2nd Entry.

 

[beginner_av]

hi, as someone said somewhere i am lazy,dont bother to study elliott and other things and will not understand anything.
but all said and done, elliott or any other thing that works in the market works because many are following it. so bingo at that point you square off...or short. only when big guys come and fade the common belief (translated to a tool), that you see boats sinking.

just my uneducated guess. take it with a pinch of salt!