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Greetings Mark:
This is not new information and I dare to say every seasoned traders knew the
shortcomings of Prechter. I learned my Elliott Wave analysis from Prechter and
I have great respect for the man's teaching materials. Having said that, I
also do not agree with his treatments towards Elliott Wave. In general,
Prechter fell victim to his own stubbornness and inflexibility. He 'refused'
to see the market's price actions and confirmation signals that invalidated
his wave counts. Long-term wave counts are not tradable. Doing it in a proper
manner, it gives good perspective to the traders. Regards.
Have a good one
Jeff Harteam
Hong Kong
Research Dept. wrote:
> Hello realtraders,
>
> Elliott wave has been mentioned here a few times and this is a chart
> that was done back a few years ago. The fifth wave is getting a little
> long isn't it? This chart exposes the influence that ones opinions
> have when using such discretionary things as EL. It is obvious to see
> that the wave count was done with a bias towards a big market
> correction. Which didn't come anytime soon for Prechter's count.
>
> One of the worlds greatest traders told me something once, the day he
> hired me to work for him. I have NEVER forgotten it.
>
> He told me there were only three rules to working for him.
>
> 1. You can never buy any options, we only sell em.
> 2. Don't EVER! mention anything about Elliot wave.
> 3. I never met a paper trader who ever lost any money. So if you
> bring me an idea it better be good because we are going to try it out
> with real money.
>
> Best regards,
> Research
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