Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Life Sciences Biotech Smaller Cap High Risk Stocks Investing Binge - 24th Jun 21
Central Banks to Keep Buying Gold - 24th Jun 21
Will Gold Survive Hawkish Fed? - 24th Jun 21
The Clean Energy Compound That Could Change The World - 24th Jun 21
Everybody's Getting Rich (and Having Fun) Except Me - 24th Jun 21
WESTERN DIGITAL WDC Stock Trend Analysis - CHIA! - Risk 1 - 23rd Jun 21
AMC Is the Best-Performing Stock in America: Don’t Buy It - 23rd Jun 21
Stock Market Calling the Fed‘s Bluff - 23rd Jun 21
Could Bitcoin Price CRASH Target A Bottom Below $7500? - 23rd Jun 21
Bitcoin and cryptos: Your 'long-term investment'? - 23rd Jun 21
Unlocking The Next Stage Of The Hydrogen Boom - 23rd Jun 21
USDT Ponzi Scheme FINAL WARNING To EXIT Before Tether Collapses Crypto Exchange Markets - 22nd Jun 21
Stock Market Correction Starting - 22nd Jun 21
This Green SuperFuel Could Change Everything For the $14 Trillion Shipping Industry - 22nd Jun 21
Virgin Media Fibre Broadband Installation - What to Expect, Quality of Wiring, Service etc. - 21st Jun 21
Feel the Inflationary Heartbeat - 21st Jun 21
The Green Superfuel That Could Disrupt Global Energy Markers - 21st Jun 21
How Binance SCAMs Crypto Traders with UP DOWN Coins, Futures, Options and Leverage - Don't Get Bogdanoffed! - 20th Jun 21
Smart Money Accumulating Physical Silver Ahead Of New Basel III Regulations And Price Explosion To $44 - 20th Jun 21
Rambling Fed Triggers Gold/Silver Correction: Are Investors Being Duped? - 20th Jun 21
Gold: The Fed Wreaked Havoc on the Precious Metals - 20th Jun 21
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Market Forecasting - Want to "Get Ahead of the Game"? Try This

Stock-Markets / Elliott Wave Theory Feb 28, 2017 - 02:33 PM GMT

By: EWI

Stock-Markets

How to breach limitations of conventional market forecasting

In this new interview, Wayne Gorman, the head of our Educational Resources department, explains -- based on his 30-year experience as a Wall Street risk manager, trader and analyst -- how Elliott waves help you get "ahead of the game."


Learn the why, what and how of Elliott wave analysis with the Elliott Wave Video Crash Course. Get free, instant access now.

* * * * * * *

[Editor's note: The text version of the video is below.]

Alexandra Lienhard: Today on ElliottWave TV, I'm talking with Wayne Gorman, the head of Elliott Wave International's educational resources department. Now Wayne, over the course of your career you've taught thousands of investors and traders how to forecast using the Elliott Wave Principle. So I'm curious, in your experience have you found the Wave Principle to be more useful to investors or to traders or both?

Wayne Gorman: I would say-- well first Alex, it's great to be here. I would say that it's good for both. Using Elliott wave, you can forecast and trade on a short term basis or a long term basis as an investor. So it's useful for all time frames except maybe the very shortest time frames.

AL: And what's the best way to get started learning the Elliott Wave Principle? When you're teaching a new group of students, where do you start?

WG: Yeah, that's a great question. The first thing that pops into my mind is to read Elliott Wave Principle by Frost and Prechter, that's how I started. I started back in 1985. And you can't just read that book once. You may have to read it several times, especially chapters 1 through 4. I myself I recall reading it at least three times before it finally jelled. And even after that, I had to constantly refer back to it. And in addition to that, of course, I would say there was a number of online courses that focused in on specific patterns or guidelines, so that's helpful. When I started learning it I didn't have the benefit of a whole library of online courses. I had the book and there was one seminar. It was a series of tapes-- they were converted to DVDS. The 10-DVD set. But today we have an enormous amount of resources that you can use, and then you just have to practice. And of course, the best thing is to practice labeling charts where you can compare your labels to an analyst-- another analyst who's using a Elliott wave for the sake of comparison. And that's how you really get started.

AL: Now you mentioned seminars and online courses, and you've taught thousands of people all over the world in seminars, online courses, and one on one consultations, as well. So I'm curious, in your experience, what's the biggest error that you see investors and traders who are newer to the Wave Principle make?

WG: I would say the biggest error is not sticking with the Wave Principle itself. It's very difficult to extricate yourself from the old ways of thinking using economic fundamentals. And it's hard to stay away from being influenced by the news and so on. You really have to divorce yourself from these conventional methods and just stick to Elliott Wave. It takes quite a while, and it's very tempting to-- when you see a piece of news or some type of statement that somebody makes-- it's tempting to fall back on the old ways of doing things. So it's a matter of discipline. Sticking to the model. You really have to ask yourself, do you really believe in this? Because you must believe in this. You cannot go halfway.

AL: In addition to forecasting using the Wave Principle, you have quite an extensive history of using the Wave Principle to trade both for the companies you worked for and for your personal accounts. So Wayne, simply put, why is the Wave Principle so effective?

WG: Well. I would say the main-- well, one of the key advantages is that it helps you to identify turning points well before the fundamentals have turned. In other words, the way the process works is that social mood-- which is reflected in the stock market-- social mood is the first thing that reacts, and what happens is the economic fundamentals follow. So you can be way ahead of the game if you use Elliott wave because Elliott wave will tell you, will show you when social mood has changed. Because the fundamentals will continue to move in the same direction, even though mood has changed and maybe the stock market has changed. And you can anticipate that if you just rely on the economic fundamentals, you'll be staying the wrong way for quite some time until they finally turn. So I think it's that, and the fact that it's not a gimmick. It's not a black box thing. It's well rooted in sociology and psychology. There's a lot to it, a lot behind it, when you really analyze the psychological and sociological aspects of how people in mass. Mass psychology-- how people react. You know, crowd behavior, and how crowd behavior works. And a lot of people just are not aware of that. So again, the big advantage is spotting these turn turning points way in advance of when the fundamentals turn.

AL: Thanks for talking today, Wayne, and offering these insights.

WG: Thanks very much, Alex. It was a pleasure to be here.

Learn the Why, What and How of Elliott Wave Analysis

This free, 3-part video series provides a solid basis for why you should use Elliott analysis in your trading and investing decisions.

Get free, instant access now!

This article was syndicated by Elliott Wave International and was originally published under the headline Want to "Get Ahead of the Game"? Try This.. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in