blasher - In my application of EWP I have always used the S&P 500 as the standard. I may look at the other indexes but when the definitive determination needs to be made I use the S&P 500 exclusively. I have found that in application of the EWP rules it takes precedence over other indexes by consistantly providing wave structure that does not violate, contradict or confuse.
Next would probably be the WILSH 5000.
I believe the markets are controlled and moved by what I call the HERD. It does not matter to me who makes up the HERD. One reason it does not matter is that whoever makes up the HERD they are human. Nothing else really matters. All of the schemes, plans, machinations, and maneuvering are done by humans subject to the same psychological pressures as all humans. Since they are human the markets reflect, by their action, the psychological swings of the HERD. These psychological swings move in waves that are fractal, consistent, repeated, and predictable.
Fear and greed, optimism and pessimism, still work their way throughout the HERD as they always have and always will. Their is nothing new under the sun. Within the HERD are many different levels of knowledge, involvement, and sophistication. They all go together to form the HERD.
When the curtain is pulled back to see who it is that is controlling the market, it is the HERD that is revealed.
This is why I believe any discussion of market manipulation is nonsense. The market is what it is. It is moved, manipulated if you wish, by the HERD. It is always the reflection of the psychology of the HERD. It is always correct, it always acts and moves correctly, as it reflects that psychology. It matters not if you understand it or it performs differently than you think it should. All of the many different individuals that make up the HERD have contributed their different and differing voices and the single word of the HERD is spoken in every tick.
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