V. 22:1 (70-71,85-86): Product Review: Elwave 7.1 by David Penn

V. 22:1 (70-71,85-86): Product Review: Elwave 7.1 by David Penn
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Product Review: Elwave 7.1 by David Penn

As someone who has been studying Elliott wave theory for the past few years, the first thing I wanted to know when I fired up the latest version of Prognosis Software Development’s popular Elliott wave analysis software, ELWAVE 7.1, for this month’s review was straightforward: how close were my wave counts for the Standard & Poor’s 500, gold, and the US dollar/ euro to those derived by the complex computer algorithms of ELWAVE 7.1?

Honestly, though, any of those who have been (and remain) critical of Elliott wave methodologies have built their case historically upon the absence of quantifiable evidence (that is, computer algorithms) to support the Elliott wave thesis as first developed by Ralph Nelson Elliott in the early decades of the 20th century. Elliott wave partisans and practitioners have countered with the notion that Elliott wave theory — sometimes referred to as the “wave principle” — is, while rigorous, more art than science. Further, the 1990s saw a number of computer software programs geared toward reproducing Elliott wave counts and wave projections for stocks and bonds, currencies, futures, and indexes — from software plug-ins and add-ons to complete Elliott wave–oriented systems such as ELWAVE 7.1.

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