EWT and the beauty of markets

From time to time one sees criticism of EWT
From: http://elliott-wave-theory.technicalanalysis.org.uk/

Presumably it be fair to say that "Elliott Wave Financial Forecast" is a fair assessment of Prechter's record up until mid-1999. Or even up until the present.
The Elliott Wave Financial Forecast offers advice for both traders and investors, both underperformed the market on an absolute basis. On a risk-adjusted basis, one equaled the market and the other underperformed.
Martin Sewell

Do people ever criticize English?? Read on for my view :)

kamal mahal: well severe criticism o elliot wave theory e oxusmorous
kamal mahal: he used to be the biggest follower of elliot wave theory a yr back
Raja: did u read
Raja: the link i sent on elliot something or other
Raja: the forecast given by prechter
Raja: underperformed the markets
Raja: what more do u want?
kamal mahal: well they r useless i know
Raja: if the masters of the theory couldn't beat the markets
Raja: what are the odds
Raja: of punters beating the markets with it
kamal mahal: its just a combination of possible ways and patterns market can sh
Raja: yes and every possible combination
Raja: is covered
Raja: and for every setup both views are allowed
kamal mahal: so it has no use just it will give u better understanding of marke
Raja: and even when market does clear 5 wave down move
Raja: weird stuff is allowed
Raja: like abc x abc
Raja: or something
Raja: to split up the 5 into a corrective
Raja: it is mostly hocus pocus
Raja: u relabel the waves in hindsight
Raja: but the strength of elliot wave theory in my view
Raja: is this
Raja: it is a language for communicating the current market's position between two analysts
kamal mahal: commu ?
Raja: if 2 people understand the language
Raja: they can exchange ideas quickly
Raja: on projections
kamal mahal: yaaa
Raja: its like the english language
Raja: its not the best
Raja: or most precise thing
Raja: that mankind every invented
Raja: it allows for double entendres
Raja: and poetry
Raja: and that makes it both imprecise
Raja: and beautiful

Of course the skeptic side of things is
EWT allows people who might not know much about markets or make much trading in the markets , to advise people on how to make money and get paid for it.
The flaw however remains in the people, not the language :)