From what I have been reading, it is pretty accurate but has to be aligned with other trend analysis to verify. I've been aligning it with an wave and using C to predict D based on Fibonacci. It has been working pretty well actually. I'd like to know if anyone else has been using something like this or if you have had issues with these.
I had to setup my own Fibonacci Restracement grid, but the default is editable. So it was easy to do. As you can see, I have two waves going... but with fib retracements. If these are correct, the top price should land somewhere around the bottom $143.00. I set this up a few hours ago, when C was clearly distinguishable.
This approach seems to be a pretty conservative approach, which I assume is because it is used for FOREX. I've not done anything with this year, other than plotting it 3 to 6 hours out and seeing how close D ends up landing. It has been pretty close just about every time.
Currently we are seeing an increase from about 133.75 to 135. That could be a new ABCD pattern. If so, when C shows up, that would be the buy in... if C fails, then exit with a stop at C or something just below.
This 24-hour run would have netted about a 1% gain.
I have no idea of this strategy is valid or not. Just posting it out here to see if it has any merit, and see if anyone else uses something similar.