Elliot wave is one of the very much discussed and used tool in forex.
This is used as a predictor tool and many use it .
But the overall usefulness of Elliot wave alone for trading is questioned over long period of time .
Ever since it was put in front of the world by Mr. Elliot after whom it is named it has been always a controversial tool.
There are various projects taken over by many to check the efficacy of the use of only Elliot wave over great period of time.
The most projects finished there search for the answer with NO USE of elliot wave in trading over long term.
But i find many people use it even now with great success when used along with other confirmatory indicators or price action.
The latest project working on supporting the use of the Elliot wave in predicting the future moves is one of the biggest with working on data from more than 50 years.
A google search with the term Elliot wave will give you a list of results where you would find the latest reasearch project on the first page of google search for that term and you can follow it up to see the benefits as well as backdrops of the use of elliot wave in trading.
The elliot wave has been used by many of my freind traders in every market like forex, stocks, futures, metals etc with success .But what is interesting is evry traders view on ellliot wave varies most of the times and making things to complecated.
There are groups who publish free elliot wave analysis for all to see and trade , if you want to know more elliot wave international site has various free videos and teaching material.
If anyone here uses them let me know your opinion.
So overall its still a question of doubt on usefulness of elliot wave as seen and posted earlier on various forex forums by traders who tried using it for profits.