Predicting the future is tough. I get that. Believe me, I’ve made more wrong predictions than I can shake a stick at, but God knows I try my best, day in and day out. Thus, I don’t get any jollies about chucking stones from this lovely glass house in which I reside, but I gotta tell ya, I’ve had it up to HERE with Elliott Wave. Allow me to present Exhibit A:
So what we have above is from Friday, which was “yesterday” in terms of trading days. As you can see by way of the yellow tint, the NASDAQ (as just one simple example) was “(5) of 5 of (v)” – – that is to say, the top of the top of the top. You can’t get any toppier.
Faster forward by a single trading day, and the exact same organization, run by the exact same personnel, provided this chart of the exact same index:
As you can see the labels have magically and miraculously changed. No longer is the tinted are the top. No, no, no. It’s ALMOST the top, and there’s just a liiiiiiiiiiiiiiiitle bit more to go before THE top.
I have seen the foregoing “update” happen approximately eight billion times in the many years I’ve been reading their stuff. On the rare occasions that they are right for a stretch of time (let’s say a week), they will endlessly crow about nailing the market when no one else did. The other 99.99% of the time, the labels are in a constant and endless stating of being re-labeled (or, to use one of their cop-out phrases, the waves are “sub-dividing“) with nary a mention as to the fact that what was offered earlier was stone cold wrong, and let’s just not talk about it, all right?
In point of fact, I tweeted out the image below with the snarky caption “Elliott Wave Starter Pak”.
I would normally get two or three Likes on such a silly little post, but I quickly got forty Likes, which suggests to me I’ve struck a nerve out there.
