13'sBoard

[Agent13]

From the book Elliot Wave Principle - Key to market Behavior
p87-88 Practical Application
"Without Elliot, There appear to be an infinite number of possibilities for market action. What the Wave Principle provides is a means to first limiting the possibilities and then ordering the relative probabilities of possible future market paths."
"Under only the rarest of circumstances do you ever know exactly what the market is going to do. You must understand and accept that even an approach that can identify high odds for a fairly specific event must be wrong some of the time."
"Most other approaches to market analysis, whether fundamental, technical or cyclical, have no good way of forcing a reversal of opinion or position if you are wrong. The wave principle in contrast, provides a built-in objective method for placing a stop. Since wave analysis is based upon patterns, a pattern identified as having been completed is either over or isn't. If the market changes direction, the analyst has caught the turn. If the market moves beyond what the apparently completed pattern allows, the conclusion is wrong, and any funds at risk can be reclaimed immediately."

This is a great book that touches on much more than just specific rules to follow. IMO it provides a greater understanding, or larger picture, of what the market is doing and why.