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I do not subscribe to Glenn's newsletter. However, he is on the local
Los Angeles business channel approximately once a month. In his last
appearance, Glenn said that he expects a small sell off in the US
stock market in the next two months (5% at most), followed by a
massive "third of a third of a third" wave that will take the S&P to
1600 before the end of the year. Neowave is Neely's work. He has a
book out, and a newsletter. Neowave's main feature seems to be the
way he measures time with the wave counts. If a certain pattern does
not occur within a certain time frame, then Neowave goes for an
alternate interpretation. Don Wolanchuck, who uses his own Elliot
Wave interpretation, has also been calling for a massive third of a
third... wave.
I don't have much faith in Elliot practitioners. But Wolanchuck has
had the number one ranking in Timer's Digest for US Stocks, and number
one for US Bonds for quite a while. Neely's ranking isn't as high,
but only Neely and Wolanchuck have been consistently (and accurately)
bullish out of all published Elliott practitioners. They have
certainly gone out on a limb. If they get this one right, they may
even convert me.
----------
From: apitt@xxxxxxxxxxxxx[SMTP:apitt@xxxxxxxxxxxxx]
Sent: Monday, February 23, 1998 12:55 AM
To: Omega-list@xxxxxxxxxx; Omega-list@xxxxxxxxxx
Subject: Re: Elliott Wave
Carlos and Visavis,
NeoWave is not a software program, it is an improved method of
applying Elliott Wave Theory. Does it work? Is it better than the
Prechter book? Let me just say that I regard the work by Prechter
and
every other Elliott book out there (as they all have the same
content)
as primary school level. NeoWave by Glen Neely takes EWT to
university level. It is almost the sole reason my analysis of our
local All Ordinaries Index is more accurate than any other published
source.
Adrian Pitt
>Visavis wrote:
>>
>> How do you find NeoWave by Glenn Neely?
>
>
>I have not worked with that program.
>
>However, most Elliott Wave s/w out there is designed to count a
sequence of
>waves up and a sequence of waves down. Just like you would visually.
>
>BUT Elliott is not that simple and waves of different degree are
>always cropping into different places at different times skewing the
>count and NO software can be devised to take that into account.
>
>Most charts of wave counts that I've seen in magazines, websites,
ads, etc.
>are full of errors and eventually proven wrong by the markets.
>
>Carlos Lourenco
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