If it sounds too good to be true, it is. Consider this excerpt pulled from “Winner Take All” by William R. Gallacher:
There is little point in exploring the Elliott Wave Theory because it is not a theory at all, but rather the banal observation that a price chart comprises a series of peaks and troughs. Depending on the time scale you use, there can be as many peaks and troughs as you care to imagine. Elliott thought that a bull market consisted of five peaks interrupted by five troughs. Trouble is, no two people can agree on what constitutes a peak or a trough, so there are as many interpretations as there are chartists.
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