Any success with Elliot Wave or Fibonacci numbers

[mjl3434]

So I did a search and there are a lot of mentions of both Elliot Wave and Fibonacci numbers but I still don't know what to make of it. It all seems kind of like voodoo to me. Has anyone had any real success with this stuff? Do any of you base your trading strategies, in large part, based off Elliot Wave theory or the use of Fibonacci numbers?

I'm not asking for a tutorial or anything just a general consensus of if its worth investing time in reading up on this stuff. Basically it's hard to be convinced this stuff could work because it sounds like there is almost no logical reason why it would. But if it does work, why argue with success?

[aiki14]

I use the 89MA for support resistance which is a Fibonaci number. Not sure how helpful that is to you. You can backtest any of the various theories and see if they have statistical viability.

[wallstreetsedge]

i use fibonacci numbers all the time and most people do without even realizing it

ie....some common fib numbers you will see are 13, 21, 89... to make it easier to remember 14, 20, 90... all very common moving averages

also i mention how fib numbers are can be applied to a trading method i use in my ebook to determine the movement of a stock



as for elliot wave theory, i only use the most basic principles of it... i have a friend who heavily uses elliot wave theory, fibonacci, and murray math and some of the predicitions he has given me are incredible

[mjl3434]

Well seeing that two of the biggest players around here responded I will definitely take a look.