The Elliott Wave Theory was once quite popular and remains widely-used to this day. However, every popular theory undergoes various modifications and additions. A good example of this is a complex mixture of the Chaos Theory and the Wave theory which joined to create the Mirror Market theory.
There are so many things to find on the Internet. The ChaosTradingGroup team has even developed and posted a mirror script. Its aim to provide exact predictions of the price fluctuations seem quite ambitious. However, their developments live up to their mission.
According to Elliot, the market movements form the infinite sequence of inflow and outflow cycles of price fluctuations. The perfect wave is built by cycles 8, 34, 144, while all its other waves are emerging from the zero point. Thus, the mirror script is searching for exactly these zero points where the market starts to reflect itself. The core of the script is to find the most important centres out of a great deal of such points. The needed points will accurately repeat the historical data and then forecast further price behaviour.
The script is definitely useful for a trader, but, unfortunately, there is no full guidance for working with it. Moreover, there is no clear trading strategy with precise setting rules and standard entry and exit points.
