R. N. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle."[1] Numbers from the Fibonacci sequence surface repeatedly in Elliott wave structures, including motive waves (1, 3, 5), a single full cycle (5 up, 3 down = 8 waves), and the completed motive (89 waves) and corrective (55 waves) patterns. Elliott developed his market model before he realized that it reflects the Fibonacci sequence. "When I discovered The Wave Principle action of market trends, I had never heard of either the Fibonacci Series or the Pythagorean Diagram."[1]
It does not say who the critics are, but the second critique sounds like mainstream economists.
Indeed, both critiques sound like mainstream economists, who are often a bit tone-deaf to that kind of internal contradiction.
BTW, Dan Brown would be a brilliant technical analyst. An ability to generate fictions about elaborate patterns with a very thin surface veneer of plausibility to persuade large numbers of the gullible that the patterns are real world phenomena - why, that's just the job description for a technical analyst. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
