Hindenburg Omen and Elliott Wave Theory

When I first read about the Hindenburg Omen I thought it was one of those esoteric signs that so many people like to speculate on. But after researching it and reading more about it, I found this is a valid technical analysis signal for stocks as it is based on a number of technical criteria that needs to be met in order for this signal to be given. Which generally are:

1. Daily number of NYSE new 52 Week highs and the daily number of new 52 Week lows must both be greater than 2.2 percent of total NYSE issues traded that day (currently, greater than or equal to 69, which is above 2.2% of 3126).
2. The NYSE 10 Week moving average is rising.
3. The McClellan Oscillator is negative on that same day. 
4. New 52 Week Highs cannot be more than twice the new 52 Week Lows (however it is fine for new 52 Week Lows to be more than double new 52 Week Highs). This condition is absolutely mandatory.       

 And according the criteria listed above, we had a signal on August 12th, 2010. Usually, in historical analysis whenever there are several signals clustered together in a 36 days period it has a substantially high probability of predicting market crashes of 10% or more. Coincidentally, the current mainstream Elliott Wave count calls for a massive downturn withing the next few weeks so we will tell by September or October the relation between Elliott Wave Theory and this signal. It's worth noting that in the last 25 years this signal when it comes in clusters has only failed 1 out of 7.5 times, therefore the probabilities are very high. Below is a table of the past performance of the Hindenburg Omen:

Date of first Hindenburg Omen Signal	# of Signals	DJIA  Subsequent % Decline	Time Until Decline Bottomed
8/12/2010	1	In Process	In Process
6/6/2008	6	51%	244 days
10/16/2007	9	16.3%	99 days
10/16/2007	9	16.3%	99 days
6/13/2007	8	7.1%	64 days
4/7/2006	9	7.0%	34 days
9/21/2005 (1)	5	2.2%	22 days
4/13/2004 (2)	5	5.4%	30 days
6/20/2002	5	15.8%	30 days
6/20/2002	5	23.9%	112 days
6/20/2001	2	25.5%	93 days
3/12/2001	4	11.4%	11 days
9/15/2000	9	12.4%	33 days
7/26/2000	3	9.0%	83 days
1/24/2000	6	16.4%	44 days
6/15/1999	2	6.7%	122 days
2/22/1998 (3)	2	0.2%	1 day
7/21/1998	1	19.7%	41 days
12/11/1997	11	5.8%	32 days
6/12/1996	3	8.8%	34 days
10/09/1995	6	1.7%	1 day
9/19/1994	7	8.2%	65 days
1/25/1994	14	9.6%	69 days
11/03/1993	3	2.1%	2 days
12/02/1991	9	3.5%	7 days
6/27/1990	17	16.3%	91 days
11/01/1989	36	5.0%	91 days
10/11/1989	2	10.0%	5 days
9/14/1987	5	38.2%	36 days
7/14/1986	9	3.6%	21 days