Posted by Gregg White on Nov 30, 2011 @ 12:08 pm

I make no apology for venturing into this forum for a second time in the last year or so. By now nobody should even consider any investment/trading service that uses Elliott Wave theory & that includes the Financial Forecast service. It may well have been the case in the days of honest stock & commodity markets that EWT worked. I have no doubt about the integrity of Mr. Elliott himself but markets are now so manipulated by Wall Street that this system which relies entirely on the herd instinct cannot work unless just by luck occasionally. I stopped my EWI FF about a year ago but would disagree with the stats about 28% of trades working. That is overstated. I have a lot of respect for Robert Prechter especially in regard to his socionomics which are brilliant. I have been with another trading service for 5-6 years which has gradually moved toward EWT trading & has deteriorated since. EG in November 2011 there has not been one single trade in spite of the massive moves in any of the markets. This is due to the constant alternatives that EWT throws up making the whole thing totally indecisive. It is worse than a Libran trying to decide whether to have a latte or a cappuccino in the line at Starbucks. As I have said for years EWT is no better than a plain old moving average because 90% of the time EWT deals with hindsight and the train has left the station well before an EWT makes up its mind. So the problem is not specifically the EWI FF it is the theory itself. Quite frankly all the sub-waves & the alternate patterns give me a headache not an improved bank balance. Good luck if you can make money from EWT announce it from the hilltops!

Posted by Doug Ralston on Jul 26, 2011 @ 1:02 pm

Ever since the low in 2009 I subscribed to the weekly service that gave updates 3 times a week. I had told myself that if the DOW exceeded a .618 retracement of the decline(approx. 11,250) that I should cover my shorts. I only wish that I would have stuck with that but I continued to believe(cant rmember his name) the analyst that wrote the updates who continuously made me feel like a decline was imminent. I even wrote that he would not include certain things such as bulllish consenus or many other indicators when they did not favor his position.like a politician.

To say that I have lost all faith in Robert Prechter would be an understatement. Just as a broken clock is right at least twice a day..he will again be right but not before losing his subscribers a lot of money.

Doug Ralston

I subscribed to the Elliot Wave Theorists this past year, 2010. I acted on the predictions which they confidently made. They were all, and are still, WRONG. Upon further research, the EW group is about 28% correct in their predictionswell below the 48-51% average for stock and market analysts.

If your goal is to make money, avoid these self-aggrandizing, pedantic losers.