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>Here's a thought which might save Sanjay (and others!) a lot of anguish in
>their search for an Elliot-based computer program which can forecast price
>movement - even if I risk a mass of critical e-mail:
>
>As I see it...
>
>The time spent searching for and the considerable expense involved in buying
>Elliot Wave software of any sort will, at best, be fruitless in the long run
>and, at worst disaster in the short run.
I tend to agree in most regards here
>The reason being that, although R.N. Elliot made incredible deductions about
>market swings being a reflection of human behaviour (as a part of nature's
>law) and can be measured using the Fibonacci summation series (also a part
>of nature's law), what his wave principle cannot do is to forecast price
>movement.
>
WRONG
>The reason his wave principle cannot forecast prive movement is because wave
>counting, itself, is a wholly subjective affair. Since the reason why
>people want a software based on Elliot is to forecast the market, it has,
>therefore, to end in tears - both emotionally and fincancially!
>
Subjective only to those who don't have the complete answers or at
least more of a picture than is described in 99% of Elliott books.
>If you daytrade, you have to learn to read the tape, if you position trade
>you have to learn how to follow the foot-prints of big boys. Computer
>programs based on either or both of these tenets are what is required and,
>even then, their successful application - particlularly of the latter -
>will no doubt largely depend on the size of drawdown/margin required.
Generally agree here...sound understnding of market principles is
always paramount no matter what method you use to trade.
>
>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.
>
WRONG...It is not fact Bill....do not make such absolute statements
simply because you are unable to find the answers. I use Elliott
every day on our local equity index and have proven beyond any
reasonable doubt Elliott has forecasting powers. This is not
hinsdsight proof, but published record over many years to fund
managers, investors and traders here in Australia.
I always laugh when I read comments like yours because it makes me
happy that people are too lazy to put in the work and research to come
up with the solution.
>
>Bill Eykyn
Adrian Pitt
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