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Many people are mistaken believing EW is a trading system, it's not,
it's a theory of price movement. As such one can predict price
movements and target price levels with the Fibo Price Levels tool.
The 'instructions' for applying EW analysis to price movement are
contained in the text `Elliott Wave Principle : Key to Market
Behavior' by Frost and Prechter. Reading the text one realises
the 'Principle' contains many rules, exceptions and variations and is
then quite subjective. The charting program Elwave for instance
analyzing a 'Wave' may compare that Wave with a database of 20-30,000
combinations and then provide a dozen or more 'Alternate'
interpretations of that Wave. As Connie Brown comments in
her 'Technical Analysis for the Trading Professional', some people
just won't 'get' EW. Reading thru Tom Joseph's 'Advanced Get
Mechanical Trading System' pdf:
http://www.moneytec.com/forums/_showthread/_s-
3c09f27df8df95be306567ce853ca1f2/_threadid-5084 one realises EW is
only about 15%(?) of the illustrated 'trading system'.
For those who can utilize EW, it works, but, not as a trading system
in itself, nor I believe did Elliott promote his 'Principle' as a
trading system.
Wallace.
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