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I like the conceptual/psychological outline of EWT. Think it makes a lot of
sense. But I've never been able to quantify it sufficiently to make it work in
a mechanical system. The mileage of other people may vary. Robyn
Mark Simms wrote:
> A response to the response:
> No doubt that EWT is theoretical AND controversial AND ambiguous at times. I
> subscribe to two different EWT newsletters.....and the differences in
> analysis (and conclusions) are amazing !
>
> If many traders followed and subscribed to EWT, then possibly it would lose
> it's validity. The beauty of EWT is that it attempts to capture the impact
> on price of human emotion and crowd psychology.... a monumentally difficult
> feat....and therefore imprecise at best. As a guideline or "filter" though,
> EWT can be extremely valuable in providing a rough "road map" of future
> pricing. Personally I have seen it work for both medium term (< 3 months)
> position trading as well as day trading. It's long-term predictive ability
> is not good at all....as witnessed by Robert Prechter's embarassing bear
> calls of the past 10 years. But then again, is anything that good for the
> long term ?
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