Rating: - Prechter & elliott wave international
Prechters view is markets peaked in wave 5 in year 2000.
Never called the bottom in 2002, and stated the
high of year 2000 would not be surpassed.
Well 7 years later the DOW has indeed surpassed the year 2000 high!
High of 2000 was ~12000, today it is ~13000 !!!

Listening to his advice would cost one dearly.
Not only missing out on the recent market rise, but also constantly
pushing one to take a bearish stance against the market during the
entire rise over the past 5 years, while the market was rising!

---

Rating: - Amazing
That's amazing book to a small investors. It will show to you the behavior of stock market. But you must read it at least twice in order to get everything you need to know.

---

Rating: - No delivery
I have not received my order yet although you said I could expect the delivery in early September.

---

Rating: - Subjective and unconvincing
I purchased this book many years ago when i was market uneducated and market naive and believed that I was missing something as I could never make the connections the author has made throughout his book. After years of studying the markets and attempting to trade profitably, I have revisited this book once again and am just as annoyed with the conclusions the author has made. I am confidant that my work resolves the wave like behavior that defines price movement more precisely than the author. Perhaps it was the clean slate with which I began my research. From what I can gather, people were attracted to the wave analysis because of the author but unfortunately his thesis has proven to be ineffective for traders. As a member of the technician's society I have hoped to introduce my ideas regarding this subject to the author and convince him my approach is more applicable than his. I am embarrassed to announce that this is not even my full time job as real estate consumes much of my time and trading is merely a hobby. Just think if I were able to devote full time. Regardless this book fails just as it did the first read many years ago.

---

Rating: - Fascinating and cool, but impractical to apply
I read this book after becoming very interested in Robert Prechter's doctrine from an interview he did in a magazine. He has a different way of discussing wave theory, one that concentrates on the whys of crowd psychology. It's absolutely fascinating stuff and well worth reading.

I would give the book 5 stars, even though I don't believe in the practical application of wave theory, if it spent more time on specific applications in trading. Perhaps the reason it doesn't is because the applications are so difficult that they are of questionable use.

I'm not saying I disagree with anything in the book, as the authors are obviously highly intelligent and the material comes across as quite educational. And I am fully aware that he has an entire full-time staff trading different markets based on his work, some of who are very successful.

I'm just saying that the theory isn't provable, and even if it were, it provides no predictive value. No matter what a market does to fill the rest of the chart it fits into Elliot Wave theory. You can identify exactly where the current price fits into the theory, say in the middle of a 3rd wave, and that market can now do anything - tank hard, scream upward, gradually reverse, flat-line for a year, anything - and it still fits into the theory somehow. The author himself admitted in the magazine interview that he has been very wrong on some of his strongest trading convictions, which of course were based on his wave analysis.

The book is still pretty cool. It isn't likely to make you any money, but it's a good read.

[...]