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Dear List,
This is to those of us who have a continuous knowledge
of Bob Pretcher's Elliott Wave International (EWI) and
their outspoken comments on the financial markets (I
do not possess such knowledge).
The following quote was just released today by EWI.
Noting that it is all positive (which is expected of
any marketing post, however subtle), am interested in
knowing how good a year 2001 has really been for EWI.
In other words, taking into account all their other
comments not mentioned in this quote, has it been a
good-call or bad-call year for EWI?
Regards,
Ola.
The quote:
"*****
2001 has been an exceptional year in the financial
markets and the economy, and a very good one for
Elliott wave forecasts in the markets we cover:
The January issue of The Elliott Wave Financial
Forecast (published Jan. 4) said January 24-26 was an
important "turn window" for the NASDAQ Composite. The
NASDAQ reached its high for this year on Jan. 24, and
then declined more than 40% in the two months that
followed.
Only last month did economists acknowledge that the
economy entered a recession last March. Yet in
December 2000 and January of this year we issued
strong warnings of the coming problems. In February
The Elliott Wave Financial Forecast said, "economists
are so locked in to the old trend … that they are
virtually blind to the burgeoning crisis."
On July 6 the U.S. Dollar Index reached a 15-year
high. That very day, The Short Term Update said the
index "appears to have topped, which presents a strong
opportunity…" The Dollar Index promptly reversed and
fell for six weeks, its largest decline of the year.
On September 11, as many observers were turning
bearish on the stock market, Bob Prechter's Elliott
Wave Theorist said, "this [down] wave will end within
days or weeks and lead to a substantial … rally." The
market bottomed five trading days and two calendar
weeks later. The rally that began Sept. 21 lasted some
10 weeks.
On October 31 The Short Term Update said, "a reversal
is nigh" in 30-year Treasury Bonds. The Update had
turned bearish too soon on a couple of earlier
occasions, but this forecast was a bull's eye.
Treasury Bonds and Notes in November saw their largest
price declines in decades.
Yet during 2002 we expect even bigger moves than the
ones described above.
*****" Unquote.
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