Prechter at least seems to have predicted recent happenings with relative accuracy. Although I'm new to the technical side of investment, EWT seems to have merit. The ebbs and flows of social mood are the drivers of buying and selling, not company fundamentals (although they are highly relevant in their own right). In late Feb 09, 95+% of traders surveyed were bears, and what do you know......we started a steep bull run. Elliott correctly predicted this at the end of Feb, and advised subscribers to cover their shorts.
Now, given the extreme majority of bulls in the market, he's predicting 'it' has run out of steam....let's see what happens over the next few months. Check out this free glimpse of his current bearish outlook....
"Black Monday: Ancient History Or Imminent Future?" by EWI, FSO Editorial 10/30/2009
lmh