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Why do you think Fibonacci Work? Problems with the Elliot Wave Theory. Steve Ruffley, day trader comments. Guys, please appreciate this guy is a day trader, meaning he holds and sells positions for very short periods and as such his methodology may be different to others. Well its the self-fulfilling nature of technical analysis. Bollinger bands work because they are the most obvious technical analysis tool - bollinger bands as such should be considered reference points. Fibonacci work because its present in nature, its been around forever. Fibonacci is proportions and principles; it is not some crazy mathematical secret. I hate the Elliot Wave because I believe it is all down to individual interpretation.

Steve Ruffley is also the chief market strategist at InterTrader http://www.financial-spread-betting.c... and gives regular seminars.