ANSWER:

Yes, all the rules in my book still apply today (and should continue to work going forward, because they are based on logic NOT back-testing). The only thing I got wrong in Mastering Elliott Wave was that I assumed ALL analysis must begin from the smallest time frame, building larger structures using smaller time frames.

After nearly 4 decades of real-world experience and private student training, I know without doubt that accurate analysis must begin with the largest time frame (say monthly). Once a clear Wave count has been determined (and only if one can be determined), should you then take that monthly scenario and “force it” on to weekly charts – make sure scenarios on both time frames synchronize. After weekly structure has been coordinated with monthly, you want to force that weekly structure on to daily charts and use that detailed daily data to create an up-to-the-minute perspective on a market.

In 1990, due to my limited experience, I didn’t understand the importance of the above process. The mistaken idea that patterns should be “built from the ground up” is what created the need for the massive complexity of Chapter 3. If I had known in 1990 what I know now, the detail in Chapter 3 could have been substantially simplified.