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: : >More bullshit. You've made an accusation that he's a plagiarist.
: : Prove it.
: :
: : 1) Self-evident if you understand EWT and Mandelbrot's claim
:
: Oh, I understand Elliot Waves and Mandelbrot. I have a confession to make:
I
: was a sucker for Elliot Waves, once.
:
: You've claimed that Mandelbrot plagiarized Elliot Waves but have yet to
: provide the proof. Have you ever considerd that 2 people can look at the
: same type of market data and arrived at 2 similar, yet different
: conclusions? Are all attempts at trying to explain the underlying
: fundamentals of the markets solely the providence of Elliot Waves? Have
you
: ever considered that Elliot Waves are nothing more than byproducts / side
: effects of a naturally underlying market phenomena and not the Holy Grail?
:
: : 2) Done by Prechter (see attachments)
:
: Where's the beef?
:
: 3) It was Elliott and Prechter who made
: : me aware of fractals in financial markets, I traded them years before
: : Mandelbrot "discovered" them. To claim to have discovered something
: : which has been practised successfully by millions of traders for half
: : a century is arrogance beyond belief and requires a detachment from
: : reality that is stunning, even in the unreal academic world.
:
: Have you ever considered that Elliot and Prechter never 'invented' the
term
: 'fractal'? It was only after Bill Williams came out with his 'Profitunity'
: concept and his trading chaos book that Prechter decided to jump on the
: bandwagon to exploit chaos for financial gains. Look at any of his earlier
: works. No where does he mention anything relating to chaos.
:
: : Very much doubt that his "perrs" know of Elliott or Prechter. They
: : are probably stagnating in Efficient Market Hypothesis.
:
: Well, if you're gonna jump on a slip of the fingers in typing, here's one
: for you:
:
: _____
: __(_ \
: ___(_____ \
: (________ |
: (__ /
: (_______ /
:
:
: : Apparently you decided that Elliott Waves are not scale
: : invariant....you may want to educate yourself on EWT before making
: : further comparisions and asserting Mandelbrot's work is original. I
: : do see why Mandelbrot's work may seem original to *you*.
:
: I know Elliot waves. I know its subjectivity makes it fraught with danger
in
: trading. If you know it, why not create a trading system out of it? After,
: the rules are simple, right? 5 waves up and 3 waves down? In the 5 waves
up,
: there's 3 impulse waves (usually label 1,3,5 ) and 2 corrections (2 and
4)?
: Wave 2 can't correct more than 100% of Wave 1..else the wave count is
wrong.
: If it corrects more than 50%, then Wave 4 can't exceed 50% on its
: retracement of Wave 3...else the wave count is wrong. If Wave 2 is a
simple
: correction, then Wave 4 must be complex/irregular and vice versa...else
the
: wave count is wrong. Don't forget that Wave 2 can be a 'running'
correction
: and if it is, Wave 3 is the largest wave...else the wave count is wrong.
: Though Wave 5 can exceed Wave 3 in magnitude but not in duration... if it
: does, the wave count is wrong. On the 3 Waves down, Wave a can be composed
: of 5 waves. If it is, Wave C is usually 3 waves. And vice versa. And don't
: forget the "X" wave...that can screw up a wave count. As well that
: sometimes, it is not always 5 waves up and 3 waves down but sometimes can
be
: 3 waves up and 5 waves down.
:
: If you're gonna throw in some Fibonacci numbers, you might as well as
throw
: in some Gann angles and time by degrees. And if you're gonna do that, why
: not as well as trying to map the markets by reading tea leaves. Or the old
: Norse way of reading bones? That'll certainly work as wel as Elliot
Waves...
:
: : You certainly have the right to be impressed by Mandelbrot.
:
: Not at all. You make too many assumptions.
:
: : I need
: : more than reputation, credentials, large number of publications..
:
: Well, I need you prove to me that Elliot waves work. An old friend of mine
: used to subscribed to Steve Posner's 'Trading witrh Elliot Waves'. In Feb.
: of 2000, Posner writes, "So far, Elliot Wave has suggested that the 401(k)
: investor should be sitting tight in the market right now...as target
levels
: of 1873-1949 in the S&P 500 are called for. Elliot Wave Theory analysis
: suggests that it is too early for a major reversal. Further research
reveals
: a strong seasonal tendencies for US equities to rise through the first
: quarter on the back of tax advantaged account purchases....." Right at
the
: top of the markets. Now, my friend is a Jerry Favors/ Gann freak. Who
knows,
: perhaps he'll become an astronumbers nutcase in the future (in his quest
to
: predict the markets.)?
:
: Create a trading system out of it. If it can beat my interpretation of
: Mandelbrot's mapping function (atatched GIF files), I'll give creadence to
: it. Until then, to me, Elliot Waves are nothing more than a side effect/
by
: product/ waste product of a naturally occuring market phenomena Elliot/
: Precther/ Posner don't understand/ comprehend.
:
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