Yeah a lot of people "truly appreciate" numerology too. (Or "investing" in Bitcoins for that matter
)
I'm guessing you're a hardened disbeliever, ElecticMucus. What characteristic about Elliott Wave is troubling you?
No check for consistency is done. (Usually by the drawing lines on a chart approach)
But I hold about every other method in the same regard, that includes traditional indicators, candle sticks and whatnot. I would even say every approach which isn't fully automated isn't worth the effort.
Interpreting the chart as a continuous non-differentiable function is ok, but attribution of arbitrary constraints is not. (Like Fibonacci ratios which are literally Numerology)
Don't come with a "track record" unless you show me statistical proof I call BS.
You have to realize that Elliott Wave wouldn't work if it was an exact reproducible science. It can only have a small niche in TA/investing to function properly. The basic premise of the whole theory is predicting irrational and emotional herd behavior. If, instead, the entire investment community all traded rationally based on an EW formula with a set path, then everyone would front-run the next person resulting in a non-patterned and unpredictable structure.
But, the fact that it's not a precise theory which follows the basic scientific method will ensure its survival and practical use because it will stay a pseudoscience that few believe and therefore follow.
Also, you'd be surprised at how practical Fibonacci ratios are in the trading world. Basically,
every successful day-trader trades on these ratios, even if he doesn't use Elliott Wave.
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