Did you even bother to read, or look at that chart of the NASDAQ and DOW wave counts from 1974 to 2001? Or is it too f'ing hard to understand. Those are THE correct counts on both indexes, all in perfect Elliott Wave. What the f**k is all this A-B-C crap you guys are spewing out? UH DUH ABC UH CBA BAC UH. Morons. Look at the perfect fibonacci measurements, and alternation. If you had any clue how to read that chart you would have either 1.) Gotten a huge chubby if you're long. or 2.) Gotten frightened out of your ass if you're a short.
Look at Wave 2 in the NASDAQ from 1987 to 1990. The correction was a slow running flat correction that lasted exactly 36 months. That means Wave 4 should alternate, meaning a fast zigzag. That's what we got on the NASDAQ, a fast zigzag, and it should last half the time...and it did. It lasted exactly half the time of the Wave 2, which is 18 months, from the peak of 5133 to the bottom of 1387.
Why haven't Prechter and Hochberg recognized this? Because Prechter isn't even half the man he used to be, and he's probably been losing his ass since 1987. He lost a ton of his customers too (by the way, there's a lot of people on my e-mail list who were former Elliott Wave International subscribers who cancelled their subscriptions recently.) Prechter isn't R.N. Elliott. I've just about discarded the "Elliott Wave Principle" book in favor of R.N. Elliott's "Nature's Law - Secret of the Universe", because Prechter is only RECORDING what Elliott did. The entire freaking principle is named after him. R.N. Elliott was the king, even though Prechter thinks he is.
Prechter and his crew are dead wrong, they've been wrong since 1987, when he shorted at DOW 2772, DOW 1616, and DOW 3800.
His most visible and reputation destroying call was in 1995-1996 when the DOW was at 4000-5000. He lost tons of his clients money in the 90's and this call pretty much put a nail in the coffin.
Here's an article about it:
DOOMSDAY IS UPON US. So says market prognosticator Robert Prechter, who became a Wall Street celebrity by accurately forecasting the 1982-87 bull market. In his monthly newsletter, The Elliott Wave Theorist, he predicts that the market will plummet more than 50% over the next two years, followed by a 1930s-style depression.
Prechter's star has dimmed somewhat lately because he has been downbeat during the 1990s market advance. But, says Jim Schmidt, editor of Timer Digest, which tracks financial newsletters, he's ''still well-respected as a technician and a professional.'' Prechter gets attention in investing circles, even if many on Wall Street dismiss his jeremiad as extreme.
The $233-per-year Prechter newsletter is based on the ideas of Ralph Elliott (1871-1948), who constructed an elaborate mathematical model to divine the long-term ebb and flow of stock prices.
Prechter's warning goes far beyond the minor postelection gyrations some market-watchers expect. According to his calculations, investor euphoria has lifted the market to unsustainably giddy heights--and the coming crash will take the economy with it. His recommendation: ''Invest in the shortest-term interest-bearing instruments.''
EDITED BY LARRY LIGHT
By Toddi Gutner |
