cguesty Thanks, I do follow RH, though he's been a bit out recently. For trading the Dow with ongoing daily update, Bartley's particularly good, but she's on holiday. Right now, my preferred scenario is that outlined by Raptor, as I think we're going down for 2-3 days then up to new highs. This fits with other cycle analysis I use.
Elliot categorised diff degrees of trend ranging from a grand supercycle to one covering only a few hours. The point is that either you accept that the markets conform to the eight wave cycle or you do as I do and reject it, but to suggest that EW's "pretty useless right now" is like saying that you'll believe it when it fits in with the rest of your analysis.
The essential point is whether markets move in the eight wave cycle that elliot described. I do'nt believe that they do and as I said in my earlier post, the EW theory could have been set up to describe 13 waves and the result would be the same as we have now with 8 waves.
It's not a case of choosing when I believe it; it's about recognising when it's in a phase that's useful to support my trading. Right now I don't trust my wave count assessment due to the ambiguous nature of the corrective phase it's in. But that's part of understanding EW. In a way it is giving me useful information!
I do believe that the markets move in the 8 wave cycle, which also makes perfect sense from a logical perspective.
Bottom line is that I like EW and you dont. It doesn't matter as long as we trade successfully!