Does the Elliott Wave Method work?
There are always calls that technical analysis does not work. In this post I would just briefly like to make you aware what a study from 2017 found. As you know I mainly apply the Elliott Wave method in my analysis of the crypto and stock markets. I combine this with more traditional TA tools, such as trend lines, support and resistance, volume profile, and patterns.
D`Angelo and Grimaldi (2017) have confirmed "the usefulness of Elliott`s model for predicting currency markets" (p. 1). They have studied the application of the EW model on a particular exchange rate example between the Euro and the U.S. Dollar. They state that "Using Elliott waves theory, it has been demonstrated that a clear prediction can be obtained for both the past and the future patterns of the exchange rate between the euro and the U.S. dollar" (p. 17).
D`Angelo, Eugenio & Grimaldi, Giulio (2017): The Effectiveness of the Elliott Waves Theory to Forecast Financial Markets: Evidence from the Currency Market, International Business Research, 10(6), pp. 1-18