wednesday woes, page-65

CW

I'm no longer a great EW fan.

I think it can work reasonable well on new markets where the investors are unsophisticated.

Back in 1984, EW was great for our market.

I was really pretty ignorant, have traded some cattle futures mainly, based on weather patterns.

When the SPi started, a little EW and discovery of just one cycle let me turn 5,000 into 3.5 million in 18 months.

Of course the local market was too small for my 1200 contracts so I changed to the SP500 without researching it and nearly blew the lot.

Madness of course. The US was a far more complex beast and although one can retro fit EW, too many had been using it there and so the market fought back.

The market will always be on the side of the few and against the many, except on a long term basis.