Economy

Claim corporations are reporting phony profits by failing to report costs.

Dow is down for the year.

This Elliot Wave principle sounds like an attempt to measure human action to predict markets, and it says a crash is imminent.

"Prechter’s path to analyzing financial markets started where you might least expect it, but in hindsight it makes perfect sense. He got his bachelor's degree in psychology from Yale University in 1971, then became a professional musician for four years, in which time his band News recorded an album, “Hot off the press”, that was re-released on CD a few years ago."

Sounds more prepared for praxeology than accounting.

"Once the music career played itself out, he started working in Merrill Lynch’s market analysis department. By April 1976, he was writing Elliott Wave reports.
Around that time, it hit him that the waves weren’t confined to just the stock market.
“Something was coordinating the tone of all kinds of social activities, including trends in pop music, movie themes, the economy, and the timing of peace and war,” Prechter said. “I figured out that waves of unconscious social mood would account for the correlation.”"

Sounds more like praxeology than accounting.