I looked at it a couple of years back. It appeared more objective than traditional EW but I scraped both. This guy compares both on a regular basis. http://yelnick.typepad.com/yelnick/2005/05/the_great_wave_.html
nothing special. Advertises (maybe more heavily in the past), but appears no more useful than its flawed underlying (EW) foundation.
a great comment I read by someone replying to a similar question - "It makes my head hurt" - found the original - - - "I looked at this a while back and came to three conclusions: It is sufficently complex that you can make consistent mistakes and never know it. You can never figure out if you are doing it wrong or if the system itself is flawed. It makes my head hurt. Dick" 'Forums > Trading Discussion > Neowave and Glenn Neely': post # 11: http://www.forexfactory.com/showthread.php?t=10696 as dandxg points out, Yelnick is The ? source for the more prominent EWers and - months ago now - he reported that Neely was shorting the ES - for the fifth time Neely also dropped his 'Mastering Elliott Wave' system because it was too time consuming and created the 'Neely River Theory' http://tradinglib.com/education/neely-river-theory scroll down to read 'Neely has a new RIVER SYSTEM????????' by Neely 12/05/06 http://yelnick.typepad.com/yelnick/2006/12/election_correc.html not sure if the river's now run dry
according to Tom Joseph - Advanced GET - "About 65% of EW analysis is made up of complex rules which can be dissected in numerous ways. . . . I was finally able to build a simple model using the other 35% of EW analysis that is very clear. Further research showed that the 35% of the rules that Are clear contributed to almost 80% of the profits that can be achieved by using EW analysis. . . . I am also 70% sure [!!!] that once you study the examples in this manual you will be able to count EWs in any market without anyone's help with a high degree of accuracy." p 3: 'Practical Applications of a Mehanical Trading System' - attached