Re-evaluation
It’s only been two days that I’ve had a subscription to the Elliot Wave
Financial Forecast service and already I am sold. This could have
something to do with the fact that their forecast suggests what I need
in order to exit my option position profitably, but let’s just assume
that I’m objective for a moment.
I’ve read through Frost and Pretcher’s “Elliot Wave Principle” over the
last couple months. It was by no means a light read. It was filled,
make that jam packed, with rules, guidelines, ratios, and plenty of
chart examples. I re-read most of it and found that I absorbed much
more on the second time around.
After my second reading I decided to try and put the theory into
practice. This was a triumphant day for me. I was quite pleased. If I
remember right, my very first wave count was no correct, who would
expect it to be? I thought to myself that I would practice the
art/science of wave counting until I become proficient enough to publish
my own forecasting service.
I knew that Robert Pretcher was still actively forecasting the markets,
however, and I was quite curious to see HIS wave counts.
I have since subscribed and so far I love it.
In the half dozen issues inlcuded with my subscription, I have found
incredible detail in the elliotwave.com team’s analysis of the financial
markets. They set specific targets and also include when to asume
they’ve been wrong. Even better, they don’t forecast when the aren’t
certain what the market’s next move will be. If they cannot find a
satisfactory wave count they admit it. I think this is much better than
constantly forecasting whether or not you are sure.
It remains to be seen if I am able to correctly interpret their reports
and put them to profitable trading use consistently.
I am really impressed with the ammount of work that must go into these
reports. It looks much better than something that ibcould manage to
create on a part time basis. However I am still holding out that if I
continue to study the application of the wave theory through this
newsletter, I will one day be able to use it on my own.