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Prechter's record is "downright abysmal" only to daytraders and market timers, who try to use EW to predict daily and hourly movements in the markets, which is impossible, since so many possible counts are in play at any given time. EW can only be applied accurately in hindsight, and is elegant when done so. Prechter thinks in terms of centuries, so being off in his predictions by a decade or so is still very accurate. I agree with Jim. He is a genius. Daytraders should simply steer clear and try to discover another "foolproof system" to beat the markets. Trusting Prechter's advice and then bashing him when he is wrong on a call is so childish. Hag
Rodney said: "Many of you don't understand that the market will disappear soon, a la the Russian market in 1918. Not like the 4-day bank holiday of 1932, there are no firewalls today. It will be like trying to untangle a spider's web. This will be months or years and all the while we're hitting big waves down you won't see the numbers! You see the speeches on TV and the blood in the streets but no numbers, no exchange, no indices, no stock prices. What will finally allow the markets to open is a worthless dollar but, again, that will take years to happen but you can be sure there will be no market until it happens. So this Dow 400 or Dow 40 garbage is just that: garbage. The Dow is going down until the market becomes irrelevant and then the Dow will not exist. Now I hope to make a few bucks on this last wave down but I will get out early, early, early. A couple of "circuit breaker" market lock-outs and--poof--that's it. Game over. Phone lines go busy. Markets close and DO NOT REOPEN. I will not get cute and smart because I need something to buy food and gas with!" Rodney, just how are you going to buy that food and gas under the scenario you are describing? Do you expect to find the gas pumps working down at the local 7-11, or even find someone at work there? Even if someone is on duty, do you think he or she will accept your lame Krugerrand for a carton of milk or a tank of gas? Doomsday types who think they have everything figured out and think they will survive financial Armageddon don't really think ahead very far. You might survive for a while in your cave with your guns and gold and bottled water and canned beans, but at some point you will exit your cave and discover circumstances you had not anticipated. Hag