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Hello Bill,
Re: Advanced GET my mentor doesnt need any software to tell him where we are and
the alternatives etc. He is in another league. He would need software though to
scan a database.I dont know nor does he, how his count compares with GET as
neither I have it nor does he.
You could ask someone from the list to give you a take on that. As you now know my
mentor is an Elliotician , he just tells you his readings of the Elliot wave
theory without the added spices. I believe he is one of the best (Time will tell
you).
Regarding your second question his response:
"Question 2
Trying to rationalise as to why the DJIA will exceed its previous top
is difficult. I view things differently. It's true that there is
"blood on the streets" in several parts of the world. However,
everybody knows these facts. Every known fact is already discounted
in the price. Is there something unknown? My analysis tells me that
the market will cross it's previous top. My reason tells me that I'm a
fool. In the current world economic scenerio, if you ask me to take a
large position in the market based on my analysis, my reason
would forbid it especially if I have taken some big hits in the
Emerging Markets meltdown. Fear and the instinct to preserve capital
will convince me to lay off. It is very possible that a large number
of people out there are thinking exactly the same thing. I have
found that, at least as far as the stock market is concerned, whenever I
have hesitated to take action based on my reasoning or due to fear, in
spite of the Wave Principle telling me the opposite, I
have lost out on an oppurtunity. The Wave Principle goes beyond
rationality. That is the reason why 2 people analysing the market
using the same Wave Principle arrive at 2 decisions that are
diametrically opposite. The minute you allow "reason" to enter into
your analysis, you are allowing "bias" or "tilt to reason" to distort
your analysis. The analyst may not even be aware that he is now
analysing with an inbuilt bias in his mind. These psycological
factors are very difficult to explain because I am not a psycologist.
Most people will reject what I say because it effects
their egos and assaults the very basics on which we lead our daily
lives, viz. to reason and think things out. However, it is also
this basic instinct that is the reason why an overwhelming majority
of people loose money trading in the market.
Regards,
Wooglinx@xxxxxxx wrote:
> Rajesh:
>
> I have followed the Elliott posts from your mentor with keen interests. Keep
> them coming.
>
> I have two questions for consideration by your mentor or any lurkers:
>
> 1. How do the post / analysis compare to counts one might obtain with Advanced
> Get or other such wave analysis programs?
>
> 2. How does he rationalize the possible move to exceed 9367 on the DJIA in
> light of the continuing deterioration of economies world wide? And, is there a
> possible Elliott Wave analysis that would predict a collapse to below 7400?
> Other technical analysts such as Jerry Favor have predicted possible major
> declines should the DJIA not penetrate recent highs. Prudence suggests an
> Elliott analysis to the down side so as to be prepared for that possibility.
>
> Thanks and regards,
>
> Jim Barone
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