Hedge Funds are, by defiinition, smart money! And do they use Elliott Waves? Take the case of Netflix. The popular HedgeMind website had reported on 21August 2021 that Netflix was the #1 buy of Hedge Fund manager Stanley Druckenmiller. On that day, Netflix had closed at $517.92. The Hedge Fund had acquired this new position during Q2 of 2021. In the chart below, you can see that on the 1st day of Q2, 2021, the stock closed at $539.42. The wave 4 low came in at $478.
My Elliott Wave book “Five waves to Financial Freedom” has explained how to compute possible targets for wave 5. One of them is demonstrated in the chart below, and you will see that wave 5 has finished exactly at that target.