Posted by 64bowtie on March 26, 2012, at 6:16:50
In reply to The 'big one' is coming, posted by linkadge on March 18, 2012, at 14:09:39
Elliot Wave Principle critique: by David Aaronson
>>>The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.
poster:64bowtie
thread:1013397
URL: http://www.dr-bob.org/babble/social/20120312/msgs/1014006.html