You are partially correct. The Waves that R.N. Elliott was using do not exist anymore. However his theories and descriptions do work. The problem is, as another member posed, the market makeup (people) has changed which gives you Waves, but not as they are laid out in the books. If you were profitably trading the DJX with waves and then tried to use those same patterns in another market eg: Nasdaq or FX you would be wrong more times than not on your wave counts thereby causing you to lose money. For over 10 years now there has been some excellent work done by Rich Swannell. He started with trying to adapt the patterns out of texts into an algorithm so that a piece of software could "spot them". He collaborated with Prechter, but the original work failed. I was fortunate enough to try one of his early programs called Elliott Wave Analyzer. He now has a piece of software called Refined Elliott Trader that does an excellent job of spotting the patterns and projecting targets. He says this is a work in progress that will never be completed as the markets are always changing. So that I do not get accused of being a spammer again I have chosen not to post links to some of his latest recorded webinars. If you want the links let me know by PM. Be aware that the recorded webinars do ask you to buy his software, etc.