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-----Original Message-----
From: PJLaird <PJLaird@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, May 11, 1998 3:21 am
Subject: Re: Elliott Wave
><<Elliot may have had tremendous insights on how markets work, but the
>concepts he developed did not, nor when you consiser it carefully, could
>not, forecast price movement. And that's a fact! They may do a mass of
>other very useful things, but EW does not forecast price movement.>>
>
>Poppy cock.
>
>
You may 'poppy cock' all you like, but a fact is a fact. Going on to
qualify the use of EW with other things is a completely different matter.
Furthermore, the question was concerning computer programs and, with that
specifically in mind, my view still stands. And I think you agree!
What I do agree about is that a 'large dose of Fibonacci' is required to
make anything of EW at all. In fact, I would say that without the said dose
EW is worthless.
It is so important for newbies to realize that you trade at the leading
edge. Whatever you want to rely on must show you, at the leading edge, that
it is worth an investment. If a market retraces .382 it means something
specifically; if .500 something else and if .618 you have yet another
tangible and specific fact for your evaluation. But wave counting....
now I'm not saying that is poppy cock, but I would rather find that
logarithmic spiral, please and see if that works on the leading edge of my
SuperCharts - at least it won't be subjective...
Bill Eykyn
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