Despite the fact that #Elliottwaves are widely used in technical analysis, in fact they are not an independent trading indicator, but a theoretical tool.

☝️Even Robert Preckter who gave the wave theory a second life said that it was only a way to confirm the cyclic behavior of markets but not a method for forecasting.

Elliott Waves are often criticized for their subjectivity because every single observer can see formations on a chart in his or her own way. Consequently, a forecast of future changes in the price of an exchange-traded asset may not come true due to the initial incorrect visualization of the wave patterns.

There are also those who believe that Elliott waves are fairly easy to draw on already established charts, but when trying to predict an unformed model, it is impossible to uniquely identify the boundaries of the waves. This makes the successful use of this theory in practice practically impossible, particularly in terms of selecting points for entering and exiting positions.

Some people believe that the application of the wave theory leads to losses rather than profits more often because it contains a lot of nuances that even experienced traders are not able to take into account to the fullest extent.

☝️Another drawback of Elliott Wave Theory is the necessity of its long study before it can be successfully applied in #trading .

Unlike most popular TA indicators, Elliott Waves cannot be learned in hours or days. According to reviews of #traders who have studied this methodology, it may take months or even years for a full-fledged study.

Taking into account the aforementioned points, we can conclude that the wave theory can be used for trading, but only in conjunction with other instruments of technical analysis. Well, if we are talking about novice traders, they should only look for simple and unambiguous indicators.