Elliott Wave has some unbreakable rules and our count complies with the original rules as Ralph Elliott described them.
How could you explain the so called GURU of EW calling this market down since the beginning of 2003? Even the usurper to the Precther throne Mr Miner has had it wrong for 3 years as well. I wonder how they ever manage to get people to subscribe to their newsletters when their record of forecasting is second to none in the get it wrong category.
But what you need to realise is that no matter what the count is people are relying on a strategy like EW to invest BILLIONS of dollars of someone elses money. Unfortunately some get it right and others don't. It takes years to realise the ones that get it wrong because they are very cunning at covering up their tracks.
If we get it wrong even for a day we will tell you what the latest update is and admit why immediately. Nevertheless you will never make money consistently using EW on a longer term basis as there are too many variables. It is only valuable on a week to week basis to appraise what the ASTUTE followers of EW are most likely to be thinking.
For what it is worth this is our current wave count on the weekly S&P500.
The reason people become newsletter writers is because they could never make it as a trader and now all they offer you is a membership in failure.
At least Robert Prechter does not claim to be a trader but that guy Miner claims he is a WORLD CHAMPION TRADER.
His record is a bit non descript because he made 120% on a $10,000 account over a year back in 1993 or somewhere and didn't tell anyone he had entered the contest for the previous 2 years and blown out his account both times. In my books that adds up to -$10,000, -$10,000, + $12000 for a net result over 3 years of MINUS $8,000.
So when you look back and see how rediculous the situation is for the public you will know why we have an SEC and an CFTC to look at everyones claims.
