How to lose or make a fortune with Fibo :)

Discussion in 'Technical Analysis' started by harrytrader, Dec 27, 2002.

  1. maxpi


    I bought a book in 1996 in which the author, Prechter, was using Elliot Waves to predict that the "end of civilization" would be in 1995!! He was still selling the book a year after the supposed end, which causes me to question his character as well as his judgement. He just came out with another one, same thing, the end is right around the corner.....managed to get on the Art Bell show and sell a whole lot of copies. What can you do? These overly analytical guys will always be around and one day they will be right!!

  2. It's my opinion that this Bear will go on for a while, but guys like Pretcher are more like the "Dow 36,000" guys than he knows.

    A lot of Elliot wave guys (Pretcher for instance) have a really bad habit of saying "we were early (like 5 years)", or "it was really an alternative wave count", instead of saying "we were WRONG" as QUICKLY as possible, which you have to do if you will ever succeed at trading.

    I'm not saying I know he is wrong, or that nothing he says will come true, I'm saying his track record sucks and he is reckless with his predictions.

    It's suicide to blindly follow someone who claims they can see that far in the future on some divining rod.
  3. nitro


    If I may, I would restate the above as:

    "It's suicide to blindly follow someone." <--The period at the end is important.

  4. huangks


    great link... thanks Harrytrader