Many traders highly admire the Elliott Wave Theory (I personally biasedly believe that this is the most mysterious and controversial theory in trading history. If you don't understand it, it's fine, but if you only have a superficial understanding and start trading, it is very likely to lead to irreparable consequences). The wave theory always presents a perfect wave shape in hindsight, using perfect reasons to explain the formation of wave shapes, perfectly outlining different levels of 5-wave rises, 3-wave corrections, etc.
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But I want to ask everyone, how do you know which wave you are in before these waves form? Well, even if you know which wave it is, I want to remind everyone: counting waves is very subjective. If you think it's the third wave of an upward trend, then which level's third wave is it? The results at different levels may be completely different, and there are waves within waves, and the method of counting waves varies with the size of the cycles.
More importantly, the wave theory has no time parameters, or rather, it lacks a standard and relatively consistent quantification, which leads to the fact that regardless of any bizarre market movements that occur afterward, it can be perfectly explained. Time and wave shapes can be added afterward using one's subjective understanding, and even Elliott himself did not make money through the wave theory.
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For various phenomena occurring in the market, many people believe they can be explained. This hope to understand market order makes it difficult for traders to integrate into the market's pulse. We will see what we want to see in our minds, rather than what actually happens.