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Chris brings up a very common problem with lot's of traders.
..........trying to follow someone elses interpretations of the markets to the
letter and assuming that if one could do it...they themselves would have a
better interpretation of where the markets are going. I found that my own
trading took a turn for the better when I decided to take from anyone else
only that which I could myself use to make money...If the information did not
help me (I am not saying that it might not be valuable to someone else)...then
I disregard it or continue studying it until I could use it to make money.
Chris has mentioned two well respected market gurus. I believe Glen Neely
also looks at time of corrective waves to meet or exceed time of impulse wave
that it is correcting(maybe these differing opinions tell us to disregard this
area unless we can use it to make $).....I use elliott wave in my trading, but
pretty much only the part that helps me to make $....The first question that I
ask myself...Are we in a corrective or impulsive wave...IF I can answer that
question...then I have a choice as to how I will
trade that particular market...
Hope this helps......Tom Stein comfut@xxxxxxx
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From: owner-realtraders@xxxxxxxxxxxxxx on behalf of Christopher McMurry
Sent: Wednesday, July 16, 1997 5:21 AM
To: RealTraders Discussion Group
Subject: GEN: Elliott Wave and Time
I have a question for all of the Elliott afficiandos out there. :)
I've been reading 2 books on Elliott Wave: Elliott Wave Explained, by
Robert Beckman, and Elliott Wave Principle, by Robert Prechter. They
disagree on a very important point: the time necessary for corrective
waves to form.
Beckman says that the time required to correct an impulse move should be
in a realistic proportion to the overall time frame of the impulse.
IOW, if an impulse move lasts N amount of time, the corrective sequence
that follows should last somewhere in the order of N x .382 to N x .618.
Prechter says that this is not necessary. From what I can infer from
his writing and his counts, he thinks that if a corrective move is sharp
and deep enough, it can correct for an impulse move in a fraction of the
time it took for the impulse to develop. Two examples of Prechter's
counts in which he does this are the '29 to '32 bear market, which he
says corrects all of Supercycle wave 3 (1857-1929), and the 1987 crash,
which he says corrects all of Primary wave 3 (1984-1987).
Obviously, this issue is a key one in trying to determine where the heck
we are in a long-term Elliott framework.
What do the Elliott experts on RealTraders think? :)
Chris
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