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At first sight, the Elliott wave theory appears to be perfect – all you have to do is place the appropriate wave count on the chart, by obeying a few simple rules and guidelines, and then you should be able to forecast where the market will go next. However, these are carefully chosen examples, and this is where the problem normally occurs, in that most textbooks and Elliott wave courses use specially selected examples that are tailored to demonstrate the technique.
However, as we will see in the first section below, things are very different once you enter the real world………….