This book is awesome, it teaches you a way of technical analysis that nobody else can even imagine. It implies that the markets are patterned, and that those patterns repeat themselves in all time frames, from 1 day to even 5 years or more.

Elliott Wave consists of 13 basic patterns. These patterns are formed by waves and/or market movements. If you can learned to recognize this patterns you can make a lot of money by been able to identify the next move.

Elliott wave analysis has rules and guidelines that will help you to know where to place your stop, how to recognize these patterns, how to make the correct wave count within these patterns, will give you the tools to predict price objectives and time frames for those price objectives, and a stop or a limit that will negate the whole thing if been wrong. The result is method that offers high probability trades that works the majority of the time if you are a discipline investor.

This book alone won't be enough to make you a great trader, but it would improve your trading dramatically. One tip, you need to learn to validate those wave counts and/or patterns by using several technical indicators that should show certain divergences in certain faces of those patterns and/or waves. The combination of Elliott Wave analysis with traditional Technical Analysis beats any other form of analysis you can possibly imagine.

In longer time frames, you need to combine those two with economic cycle theory. I like the Princeton Model. And see the charts and technical indicators in weekly or even monthly basis, and probably in logarithmic scale.

Some said that Robert Pretcher was wrong by calling the market top in 2000. Well he wasn't, neither the S&P 500, nor the Nasdaq has regained their 2000 highs, in more than 7 years. And in real terms, as well as in gold terms, the DJIA is still below its 2000 highs.

But indeed that doesn't matter to me, I am a position trader, an options position trader, I buy calls and puts, and create spreads, with time frames of two to four months. And believe me, the only way to win with options these way consistently, or at least, most of the time, and grow your money fast and quickly is by using Elliott Wave analisys. If you don't dominate this technique, stay away form options. If you do, be discipline, and trade only deep in the money options.

Appling it in for real is a little more difficult than understanding it, and it could probably take several months to learn to do it correctly and to obtain good results consistently, that is assuming you are already a fairly good market technician and have several years of experience investing in the market.

Well, it works for me, so I hope it would work for you too.

Good luck.