Neely and Robert Prechter are almost always joined at the hip by media-derived reviews of current Elliott Wave theorists. Therein lies the rub, for Neely to be relegated to just another Elliott Wave interpretation misses an entire body of work and analysis that this man has generated over the past thirty years. If one were to look at his work, derived in part from his book, Mastering Elliott Wave, but more importantly from his published commentaries to his subscribers, it becomes readily apparent that there is a whole lot more to this analysis then numbers and letters on a chart.
From the opening paragraph of his book, you know that there is something different going on here:
From an Elliott Wave perspective, the plotted price activity of a market is the graphical representation of crowd psychology. The Wave Theory describes how local plotted data relates to surrounding data, how data should behave under a multitude of circumstances, when and how psychological trends begin and end, how one psychological environment mandates the unfolding of another and what general shape the price action should exhibig upon completion. In other words, the Elliott Wave Theory organizes the semingly random flow of market price action into identifiable, predictable patterns on the natural progression of crowd psychology.From Mastering Elliott Wave, Chapter 1, "What is Elliott Wave Theory.....Price Patterns of Psychology"; presented at Amazon.com's description of the book.
Neely describes his approach to measuring crowd psychology in a scientific, objective context as "NEoWave." What are the differences between NEoWave and Elliott Wave? The public (free) area of the NEoWave web site carries a easily understood explanation:
Elliott Wave and NEoWave: How Do They Differ?
There is so much to Neely's analysis that hesitate to even try to explain it with my own words. For $39, Neely offer's a two-week trial to his four forecasting and trading services:
NEoWave TRIAL OfferThis is a good deal, it will introduce to an entirely novel and fascinating analysis of major trading markets. For the cost of the commissions on a couple of stock trades, you can feed your head (apologies to Grace Slick) instead of your broker.
2-Week Subscription for only $39
What You Get
The NEoWave Trial Service provides a comprehensive sampling of all NEoWave Forecasting and Trading services released over a 2-week period.
The NEoWave Forecasting service provides Mr. Neely’s unique NEoWave analysis on four cash markets. When you subscribe, you will immediately receive (by email) the most recent updates for:
One more thing. What was Glenn Neely's market opinion at about the same time I had published my Crash Warning post?
With his permission, Glenn Neely's S&P Forecast chart from early October, 2008:
October 2008 Interview with Glenn Neely