Anyone here subscribe or follow Prechter's service. Obviously he has been dead wrong since 1987 regarding the long term trend, but doesn't he have a short term trading service with short term picks, or has he totally refused to play the long side since 1987?
They have a free week this week. Have you checked that out? http://www.elliotwave.com/ I don't follow him but I have friends that subscribe and he is active in several markets. I think he caught most of the bull move in Bonds and some of the currency markets. Don't know for sure.
face it, he's a huckster. The fact that he has been so spectacularly wrong and people still buy his books is truly a P. T. Barnum scenario. There is one born every minute. Now having said that.....elliot wave is a nice general theory. The only problem is that you can't use it. Its purely abstract. There is no consistent way of counting the waves properly.
Elliott Wave is often misunderstood for a trading tool. few can trade with it. I know some who can. On the other hand it is a very good map of how market works. If you pay attention http://www.elwave.com/principle/index.html
I think the market does sometimes move in "Elliot wave" patterns. However, it does seem that those that practice it use it continuously. When they are wrong, they list an "alternative wave count" I have never seen an elliot waver say "Elliot wave does not explain what's happening now" Followers of it are too religious about it for my taste. The key skill of trading is to quickly admit when you are wrong.
I found these links to be some of the best work I have seen & learned on the the Elliott Wave theory. http://imkb.hypermart.net/ is the main link, ignore all the pop ups & then you will see 3 links for Elliott wave, printed is around 200-250 pages of text.......& charts & information , its free , I seems to be a course that somebody put online & I study this from time to time..........but in my opinion, this is one of the best free sources of information on this subject. Christopher Terry.