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How Does Elliott Wave work In Stock Market?

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Last Post: 11/23/2015 10:53:31 AM - Followers: 1 - Board type: Free - Posts Today: 0
In search of more new strategies to make smart investments into the stock market I came across an interesting theory (which is kind of old, actually) - the Elliot Wave Principle - investopedia link (http://www.investopedia.com/articles/technical/111401.asp)
If you don’t want to read through - this is basically a method to predict market movements based on the principle of how a group of people behave over a period of time, in our case we are talking about traders on the market.
Apparently this method gained big popularity in the 1970-80s but what surprises me is that now it seems quite forgotten. I read a whole bunch of articles on different technical analysis techniques but never came across this one (I wonder how I missed it).
I am now reading The Elliott Wave principle, as well as Bloomberg Visual Guide To Elliott Wave Trading. Some aspects of certain chapters I did not understand but I am still hoping I can use your feedbacks to fill in that void.
I am sure people have tried to use it and would like to hear your thoughts on the matter. I am still going through some data on it, maybe even going to order a book which gave its popularity a boost, if I find this method worthy of trying.
thanks
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