William Bernstein discusses Jeremy Grantham's prediction of a universal equity bubble, i.e. all equities are overvalued! In addition, he mentions the explosion in the number of ETFs. Although I don't know what an Elliot Wave is, I know most, if not all of you, do. Consequently, you may be interested in knowing that there is now an Elliot Wave ETF. 
Check it out at:
http://www.efficientfrontier.com/ef/0adhoc/comin.htm
Check it out at:
http://www.efficientfrontier.com/ef/0adhoc/comin.htm