My opinion on Elliott
Just as power is insignificant without money, and money creates a thirst for power, so oblivion for glory is experienced by man - painfully.
Ralph Nelson Elliott
For 25 years, he held managerial positions mainly in railway and railway enterprises in Mexico and Central America.
The main merit of this amazing person in the ability to PR his name, as an ordinary accountant, he managed to untwist the name so that the echo reached the offices of the White House.
At that time, the United States had problems with Nicaragua, the country was useless, and it was necessary to keep troops, and therefore
In 1924, the US State Department offered him the position of Secretary of the Treasury of Nicaragua.
In February 1925, Elliott began to apply his experience of reorganization to restructure the financial system of the whole country.
He made the United States quietly disappear from Nicaragua, without worrying about anything for the next 100 years.
Elliott moves to Guatemala
The United States could not recognize the fact of economic sabotage, and Elliott was offered the position of Inspector General of International Railways in Central America.
It was a fatal mistake for the country: with the arrival of Elliot in a new position, the Great Depression has already begun to knock on their door.
Elliott publishes the book The Future of Latin America, which contains an analysis of the economic and social problems of Latin America with suggestions for resolving these problems.
Latin America was saved by the US depression and the fact that Elliott was beginning to sense the first signs of a disease that had become infected in Central America.
America’s railways were saved from the final collapse by the fact that by 1929, Elliott’s disease had taken on a debilitating form of malignant anemia, confining him to bed.
Forgetfulness became for him the horror of the present.
He needed to somehow remind himself.
Unfortunately for posterity, he encounters the Dow Jones theory and directs all his “attention” to “studying” the behavior of the stock market.
He added another wave on the “convenient” charts and said that he only needs to confirm the reversal with only one index.
(The rest of his followers were not particularly inventive and simply blurted out new waves wherever possible)
By November 1934, R.N. Elliot’s confidence in “his” concept reached such a level that he decided to involve one representative of the financial world, Charles Collins, in his work
Collins traditionally got rid of many correspondents who offered their trading systems to work in the market, offering them some time to predict market movements, rightly believing that any really worthwhile system would appear on the real market. Not surprisingly, the vast majority of such systems have proven their sad failure.
However, the feeling of compassion for a sick person was completely different, and Collins, gritting his teeth, agreed to take part in the work on a book for the general public about wave models of the stock market.
As a man of the greatest mind, he knew very well that the Dow in his notes connected the movement of the market with ripples and sea waves, but he thought - to hell with it, there are a lot of stupid things in this world, and the world will not collapse if there is another garbage, so " Wave Principle ”was released on August 31, 1938.
And this was a fatal mistake already for world trade.
Like any stupid marketer, Elliott began to copy his crap.
"The Law of Nature is the Secret of the Universe." This monograph with a pompous title, published June 10, 1946, was the "crown of creativity" of Ralph Nelson Elliott and a headache for the trading world at the present time.
It is not surprising that it is advertised and promoted everywhere, and any broker will assure you that this is the best knowledge of market movement in the entire history of the development of TA,
I’m a technical analysis specialist with more than 15 years of experience, and I can confidently say that after 3 years, between episodes of diarrhea (symptoms of Elliott’s disease), this TA “genius” thought only of one thing - how to defeat the Dow Jones Works, so make yourself a name.
The meaning of his theory lies in the fact that it allows you to turn any diagram into an alphabet with eternal question marks, and, of course, it is convenient to use his monograph to kindle fire, pages to a fig, and it costs a penny.
During my trading life, I saw three-year-old specialists who knew so much about the market, that it’s even scary to imagine this figure.
this allows me to assert with confidence that any wave analysis is a loss of time to study it and a loss of money during its operation.
Of the 16 possible market designs, it works relatively efficiently in only 3 situations (but in these situations, any TA works with the same efficiency)
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Just advice, hear - “according to the wave analysis”, spit and forget
