"Stocks are down sharply at the open Wednesday, which
suggests very strongly that wave
3-down has probably started.
Prices broke below the bottom boundary of Rising Bearish Wedges, so
all we need for confirmation is new sell signals in our key
trendfinder indicators. But it looks as if the final wave for the
Rising Wedge has in fact truncated. We will have more for you in a
Mid-day Market Update with updated charts in a few hours."
Posted by Palladin on 11th of Aug 2010 at 10:58 am
McHugh and Prechter are superb fundamentalists that in my
opinion try and fit their vision to the charts and EW theory.
Prechter is a paradox though, in that he is supposed to be the
authority in Elliot Wave yet he has managed to be so wrong in
his timing most of the time for a long time, especially in gold.
BPT has interpreted EW much better than EWI itself.
And timing is everything if you are a trader.
Maybe their "financial Armageddon" calls will soon come to pass
but I wouldn't bet the farm (wish I had one) on it.
In fairness Prechter was right in early 2003 when he called for
quite a high S&P target for the recovery. He and his
partners have been too bearish on gold though, most of the time
since the 2000 low - they don't 'get' that gold is money. Just FYI,
the monthly EW reports from Hochberg make really good reading. You
just have to be careful about their daily work, which is just too
bearish all the time.
Maybe this should be a sticky post. Every dog has its 15 seconds
of stardom
in the cold light of day though, it remains a dog
i am referring to the theory and not the individuals. look at it
this way. EW is their life yet even they cant make it work. its
beyond common sense that the retail trader would think for one
minute these guys who study ew day in day out
my simple advice.....ew is nothing short of Extreme Waffle
....my opinion so feel free to follow it if you like donating
money
oh oh we may be heading higher now, LOL
Posted by perthx on 11th of Aug 2010 at 10:30 am
"Stocks are down sharply at the open Wednesday, which suggests very strongly that wave 3-down has probably started. Prices broke below the bottom boundary of Rising Bearish Wedges, so all we need for confirmation is new sell signals in our key trendfinder indicators. But it looks as if the final wave for the Rising Wedge has in fact truncated. We will have more for you in a Mid-day Market Update with updated charts in a few hours."
Title: "IN FAIRNESS" Prector was sityiing
Posted by brophy on 11th of Aug 2010 at 01:12 pm
Prector was sityiing on his hands on his farm in Georgia during the entire 82 bull market, but everybody forgets caus it was so long ago...
Do you find him as
Posted by john9o9 on 11th of Aug 2010 at 10:40 am
Do you find him as incredibly bad as I do at his calls?
McHugh and Prechter are superb
Posted by Palladin on 11th of Aug 2010 at 10:58 am
McHugh and Prechter are superb fundamentalists that in my opinion try and fit their vision to the charts and EW theory.
Prechter is a paradox though, in that he is supposed to be the authority in Elliot Wave yet he has managed to be so wrong in his timing most of the time for a long time, especially in gold. BPT has interpreted EW much better than EWI itself.
And timing is everything if you are a trader.
Maybe their "financial Armageddon" calls will soon come to pass but I wouldn't bet the farm (wish I had one) on it.
Prechter's short term update is
Posted by darnelds on 11th of Aug 2010 at 02:45 pm
Prechter's short term update is actually pretty good.
In fairness Prechter was right
Posted by PA on 11th of Aug 2010 at 11:02 am
In fairness Prechter was right in early 2003 when he called for quite a high S&P target for the recovery. He and his partners have been too bearish on gold though, most of the time since the 2000 low - they don't 'get' that gold is money. Just FYI, the monthly EW reports from Hochberg make really good reading. You just have to be careful about their daily work, which is just too bearish all the time.
Maybe this should be a
Posted by vimal on 11th of Aug 2010 at 01:19 pm
Maybe this should be a sticky post. Every dog has its 15 seconds of stardom
in the cold light of day though, it remains a dog
i am referring to the theory and not the individuals. look at it this way. EW is their life yet even they cant make it work. its beyond common sense that the retail trader would think for one minute these guys who study ew day in day out
my simple advice.....ew is nothing short of Extreme Waffle
....my opinion so feel free to follow it if you like donating money
http://www.erictyson.com/articles/20090616