Head and Shoulders pattern failed :eek: . Wave 3]2) might have ended near 1250 . Now we may be in Wave 3]3) which may go UP to SPX 1580 .
There is some correction near 1.072 , but AUD/USD Wave 3]3)3.1:5 extends :eek: . This may end near 1.085 .
mu 200411 I am writing to you as you initiated this great thread, and because I suspect you have had a lot of good fortune following EW principals. I, on the other hand have not, and am currently very unsure in how to continue my relationship with the EW principals and would very much welcome a reply/some advice on my experience. I began subscribing to Elliott Wave (Precter) a month short of 2 years ago. I was immensely impressed with their views and understanding of their take on world events, and how they predicted through the EW pattens, the future direction of various markets. In July/August/September/2009 and many other months subsequently, they predicted that the landscape for investors would be no less than horrific by the close of 2010 in the US. Their prediction was that the US would be in a position of such financial ruin, it was hard to conceive. Their strength and conviction of writing in EWFF (Elliott Wave Financial Forecast) and in the Theorist, was impactful enough to make me seriously sit up and listen. I agreed with their theory and I still do. But the facts have far from unfolded as they predicted. For example in July 2009, they advised their clients to sell Gold and Silver, when Silver was trading around $15 an oz. (now $40odd) and as I am sure you know, they advised to sell all US shares one may hold, all based on the charts using the EW Theory. In fact not just to sell them but to short them, to go double short, and to go short again since I took membership. They have also advised to buy and hold the US dollar over other currencies, as the safest and surest way to deal with the imminent coming meltdown based on these EW predictions. I followed their advice to various degrees. I did sell my gold and silver bullion, I have shorted the market and sold my commodity shares. I did also buy $US. Needless to say, as every reader will know, there could not have been any worse advice than this in the past 2 years, and the consequences of my actions are now extremely regrettable to me. I have followed your thread and you seem to have made a lot of very good calls based on Elliott Wave patterns - calls different from Hochberg/Precter and yet they are supposed to be the 'eminent' of the Theory. Firstly I have to ask you if you believe their ultimate predictions and outcome to be correct based on the EW patterns. If you do, how can 2 years be an acceptable time lag in understanding the EW patterns when we are dealing with predictions individuals organize their finances around and for example follow their calls as I have over the past two years (while they are misreading the pattern) which throw up catastrophic loses that can potentially leave you insolvent by the time their predictions comes to fruition? I would also be most grateful to hear from any other Elliott Wave subscribers in the UK on this subject/similar/or for any other reason at all.
I also thought SPX would continue to move down the day before, but oops, it turns out to be a head fake. The market likes to play games. I think AUDUSD uptrend may last until the end of May.
Sorry to hear about that. Youl could have made huge profit rather than ... I started reading Pretcher's analysis about ... like 17 years ago. I stopped reading that after 2 years because I found out that Pretcher and his team did not understand/interprete wave patterns correctly. It takes time to accumulate and improve one's experience on the wave analysis. It's not a science, and I would say it's more like a gut feeling based on some rules. Too bad that Pretcher and his team has not even improved anything after this long period of time - almost 20 years.
Wave 5 is treacherous :eek: . Sometimes it does not show up, sometimes it extends, this time it fails . This may be the reason . April 21, 2011, 12:24 a.m. EDT Asia central banks intervene as currencies rally http://www.marketwatch.com/story/asia-central-banks-intervene-as-currencies-rally-2011-04-21 Wave 3]3)3.1:5 managed to go UP only .005 . Wave 3]3)3.2 may end above Wave 3]3)3.1:4 of a lesser degree as usual . Wave 3]3)3.3 may go UP to 1.099 .
I think the main problem with Pretcher is that he has some kind of illusion in his E-wave and economic viewpoints. It's sad that so many people follow him mainly because he had a one-time success for 1987 market crash call. Yet people have not been alarmed by the fact that many of his other major market calls were dead wrong. His loyal followers ended up paying a heavy price
networxed Prechter might have forgotten his own words in the quote or, more likely, Forst's words. The majority is always right except at the top and bottom where the contrarian calls the shots. Prechter wastes too much time for those two points in time. mu.
Dollar index DOWN move might have come to an end . Wave 3) is shorter than Wave 1). Wave 5) should not be longer than Wave 3). Wave 5) is almost equal to Wave 3) now. Wave 5)5.3 is shorter than Wave 5)5.1 Wave 5)5.5 should not be longer than Wave 5)5.3 . Wave 5)5.5 is almost eqaul to Wave 5)5.3 now. The DOWN move should end soon. QED.