<porter, do you think there's enough e-wave followers/believers to influence the market direction to confirm their own beliefs?>
I've thought about this question for give or take a decade. I now believe that when too many people subscribe to the same count it's NOT self-fufilling but rather it invalidates the count. Prechter's success came when he was an unknown. Then, as his following grew, more and more of the alternate counts took hold. Recall that on the day of the crash in 1987 he announced the end of the Bull market. He ended up being a bit premature in this announcement since the market continued to run for another decade!!!
I like wave counts in conjunction with other sentiment indicators. When everything is in sync I commit. Right now the cross-currents are making this market impossible. I say it's a Deflationary Depression till further notice. (I don't understand this double-dip crap since we never left the single.)
Now the question remains:
Are Bear markets controlled "entropic" events?
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