Elliott Wave Analysis carries a false mystique of being an absolute methodology. The rigid deterministic slant on the theory may be grounded in its uncanny ability to (often times) project critical turning points and key price levels. This mystique, though largely misguided, is of genuine credit to the theory on balance.
At the end of the day however, Elliott Wave Analysis is by far, one of the most EFFECTIVE analytical tools to use in concert with others to navigate profitably through market cycles.
It is time to abandon the "absoluteness" and associated predictive wizardry regarding EWT. It is time to use the theory's array tools properly and objectively to maximize their absolute inherent value.
Below are some excerpts from Elliott Wave Technology's MWQR 2006:
"By now, it should be quite evident that each market moves independently to its own natural rhythms. It is the most widely followed market at centerstage that should be telegraphing Elliott Waves of the most accurate measure."
"Such a widely followed market would carry the highest probability of best reflecting the mass mindset of the collective mainstream as the ultimate arbiter of progress. That market would be the Dow Jones Industrial Average."
"As such, be it contrived, manipulated, nominally illusory, or otherwise, we have focused our long wave study at Grand Dimension on the Dow."
"At this point, we take things one-day, one-week, and one-month at a time. We shall continue to interpret objectively the message the market telegraphs in real time. One absolute certainty is that markets are a dynamic, ever-changing mechanisms bound by the impulse of their participants."
"The Elliott Wave Model is also dynamic, but it too is bound. Bound only however, by the limit of the analyst's ability to accurately perceive and adjust in anticipatory fashion to the function and form of real-time price action relative to corresponding wave structures."
I, Matador... and the Taming of the Bull: http://www.safehaven.com/showarticle.cfm?id=4567