Maybe so...but if Voodoo works as well as High Grader's ElWave charts, then please remind me not to piss anyone off the next time I visit Haiti.
Scott,
Think about this: what has Elliot Wave Theory got to do with how successful a company can design, manufacture and market a product? The best EWT could do is, as stated by Prechter in his book, to measure mass psychology. Now ask yourself what is more important to the valuation of AAPL at this moment.
Could EWT ever had predicted the Bondi Blue wonder?
If EWT works that well, you will not have books and software written. The authors would have gotten rich and retired long ago, without having to make money the old fashioned way.
That is not to say that there are no "patterns" to stock prices. MU is one stock, for example that would get in a channel and follow it for weeks. But MU, like trading sardines, is a trading stock.
BTW, the usual excuse given by EWT practitioners for Prechter being wrong all the time is that he doesn't know how to "interpret" the graphs.
For a much more entertaining look at Fibonacci numbers, read H. E. Huntley, The Divine Proportion, Dover, ISBN 0-486-22254-3. At least you will find out where the numbers 0.618 and 1.618 come from.
Kok Chen |
