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® “Home-Study Course” Study Manual Page 21

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Elliott Wave Theory

With this said, it is important for me to mention that I do believe in the
Elliott Wave as a measure of human reactions. The Elliot Wave
effectively represents how humans emotionally respond to world and
economic events in the markets. But remember, until the Elliott Wave
actually occurs, thinking or forecasting that it might occur is only a
fantasy or theory.

Elliott Wave patterns are not needed to trade successfully. It is much
better to flow with the market and trade the REALITIES of the market.
In other words, if the trend is up, stay with the trend until it actually
changes, regardless of what the Elliott Wave is forecasting. (For more
information on the Elliott Wave see your red-tab chapter in your
“Study Manual” entitled “Advanced Techniques”.) If you are not going
to use oscillators, the Elliott Wave or Fundamental News Information,
then how can you trade? To start, we all have to agree that current
Price and Volume are absolute. Agreed?

Price and Volume are not subject to system optimization or formulas.
They are true market facts, absolute. If opinions cloud our trading,
then we want facts. Price and Volume are the best facts in the market.
The markets speak to us through Price Action and Volume.

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