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This weekend I was looking through some back copies of TASC and came across
an interview with Prechter in the January 1996 issue. I quote "There's no
question in my mind that the direction of the next major move of the stock
market is going to be down. I think the extent of the decline will take
the DJIA below 1000"
Hmmmmm. I like Elliot wave. I don't use it but I like it. I have seen
the patterns repeat too many times to reject it. I don't use it because I
find it difficult to put my faith in something that can be interpreted in
so many ways. It is a bit like the Irishman (I am one!) who says when
asked for directions "Well sir if I was you, I wouldn't start from here".
:)
Philip
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> From: Kovacs, Ross R <KOVACSRR@xxxxxxx>
> To: 'omega-list@xxxxxxxxxx'
> Cc: 'apitt@xxxxxxxxxxxxx'
> Subject: RE: Elliott Wave
> Date: 23 February 1998 21:10
>
> 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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