Club EWI is a good free service for traders interested in learning something about Elliott Wave Principle and its application in trading. Sign up is easy and it will give you immediate access to various free courses online. I recommend this to all beginner traders.
Club EWI – Free Membership with Online Courses on Elliott Wave and Other Trading Techniques
Elliott Wave International
Robert Prechter, who established his place in technical analysis since the publication of the book Elliott Wave Principle, has built an enterprise Elliott Wave International (EWI) promoting the use of Elliott Wave. Club EWI is the free service offered by EWI for people who are interested in learning more about Elliott Wave and like to see recent analysis on various markets by EWI analysts.
The nice things with Club EWI is that it is free. You sign up and you gain access to various free video courses (like the one linked to with this review) and free ebooks. There are also analysis on various markets so you can indulge yourself in as many articles as you like. Some content are time limited so you have to check back from time to time to get to read them.
I am not an advocate of Elliott Wave. In fact, I pointed out in my book Special Theory of Price Discovery that Elliott Wave Theory works only when the firepower of the market participants are evenly distributed. As the current market environment has entered the 5th level of powerlaw distribution, Elliott Wave predictions are as good as random forecast.
As a trader, however, you have to remember that we are not really trading the price. We are trading against the traders and their expectations behind the price. Hence it is important to understand the thinking of traders who are influenced by Elliott Wave Principle. First there are many traders who believe in Elliott Wave and use it as their primary trading decision tool. But there are also many people who fall back onto Elliott Wave whenever they fail to take losses. Knowing how these traders behave can help a good trader tremendously to profit from them.
Let’s not drag it too far from Club EWI. Since there is not that many authorative sources on Elliott Wave, reading the materials directly from the source is probably the best bet. If you are a beginner trader, learning something about Elliott Wave is a requirement, not an option. Whether you choose to use it in the future for your trading decisions is a completely separate matter.
One thing you have to remember is that Robert Prechter is a good market timer. That is independent from the Elliott Wave concept. The longer term swing plays are what EWI good at and their track record shows. Hence, as a market timing service, it is the calls that matter and they are of good quality.
As a summary, Club EWI is a good free service to join. If you are interested in swing plays in some markets, you can look into the subscription services offered by EWI.