|
I don't agree with your statement...
Ok, one country's economy will not always grow faster than other's (therefore currency pair cannot be constantly in bull market like Dow is), but market is moving in waves and these waves are having 5-3 configuration... You will not have those configurations on monthly charts (instead you'll have labels a,b,c,x...) but once you define impulse or corrective wave on these long term charts you can apply elliot wave theory on weekly and daily charts (4h,1h etc...)...
Note that I'm not an elliot wave theory expert but I use it successfuly in FX...
Combining elliot wave and fibonacci is IMHO very appliable on forex markets...
fxloop
|