SUMMARY
Not too long ago, I had penned an essay on how Technical Analysis is a Quantum Event. I had quoted Plato's famous saying: "What are words, but symbols of symbols; hence, twice removed from reality." The exactness of this statement to how Technical Analysis (TA) is thus twice removed from reality is uncanny. The fact that TA measures price which is a reflection of sentiment which itself is derived from thought makes it a Quantum Event. Thought is instantaneous, unbound by time.
As a self taught Technical Analyst, I propose that price is the most direct reflection of sentiment and so is more "upstream" than news, events or fundamentals. To me, this is the arch of support behind Elliott Waves' statement: News or events shall arrive to justify the forecast". While news and events are also sentiment reflections, I further propose that they are not as direct as price is and thus more "downstream". If easier to conceptualize, one can view the relationship as sequential where price begets news and events. In light of this, the statement that news and events don't drive price but rather price drives the news and events stands solid.
Einstein said that time was an illusion. He postulated that all events and possibilities happened in an instant, all at once. We thus are non local beings having a local experience of linear time and events. Far out!
If Einstein is correct, and I believe he is as no greater mind has existed prior, then unlike price; time is not a reflection of sentiment. So, this could explain why it is so difficult to reproducibly forecast time. Time and price don't share the same souce. They each dance to their own fiddle. Technical Analysts, much smarter than I, have made Herculean efforts to tame a method to predict time in relation to price pathway....and all have failed. While there is a clear interaction between price and time, attempts on binary or simulatneous forecasting of both is far more error prone than identifying price pathway alone.
In a Quantum Event, time goes vertical such that there is no linear time. If price is a result of sentiment and Perfect Thought is unbound by time, then a Technical Analyst should focus most on price pathway accuracy and less on time projection. Why? The return on investment for Time projection is very low.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**