As Hulbert’s recent article mentions, Prechter’s Elliott Wave analysis of the market has been very much on the money. He not only foresaw the bear market before it happened but also has been able to catch the major counter rally off the March lows. That’s something that strategists like Rosenberg haven’t been able to do.
However, according to the Hulbert Digest, Elliott Wave is dead last when it comes to their track record for the stock market in the long term. The last time they actually liked the market from a long term perspective, was 12 years ago!
Personally, I don’t believe that anyone ever deserves the status of “market guru” because if history has taught us anything it is humility. That notwithstanding, Elliott Wave have an undeniable “hot hand” right now and only time will tell if this is where they start to catch up for their long term weakness.
By the way, Elliott Wave International has just released a free 42-Page eBook, How You Can Identify Turning Points Using Fibonacci. So if you’re interested in Fibonacci as applied to technical analysis and trading, it takes 30 seconds to register and grab your copy for free. But the offer is only for a few more days so act now: Go here to download your free eBook.
Enjoyed this? Don't miss the next one, grab the feed or