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Elliot Wave Theory & The Markets



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I am just trying to learn if there are any adherents of the Elliot Wave
Theory(EWT) on this list.  If so, how relevant is the theory to the
modern-day markets.   Assuming that EWT has relevance, is it correct to
expect that some markets that are down 40-50 per cent since 1 Jan. 1997,
will ever return to this levels.  In the same vein,  does EWT state that
markets that are 'up' by 200-300 per cent, can one day be down by the very
same margins.  Any links of Elliot's theory on the web would be welcome.


Just wondering.


hum.
Moscow