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There is a subset of people that call themselves Elliott Wave Analysts
that follow the work of Glen Neely. Glen Neely is apparently a brilliant
technical analyst who has developed a set of rules for counting waves. I
have his book and have read parts of it, but found it quite convoluted.
These rules seem to work quite well according to those that follow them.
BUT, THEY LOOK NOTHING LIKE ANYTHING THAT R.N. ELLIOTT WROTE ABOUT.
Though in his letters, he had examples of running corrections, he never
prominently discussed them in his writings, suggesting that they were
not a regular occurrence in his mind. While they may be more common than
many analysts think, they are not present with the regularity suggested
by Neely, in my opinion.
I AM NOT SUGGESTING THAT THIS ANALYSIS IS INCORRECT. WITHIN THE
GUIDELINES PROPOSED BY NEELY, THEY APPARENTLY WORK FINE, MAYBE BETTER
THAN CLASSICAL EWAVE, BUT IT IS NOT ELLIOTT WAVE. IT IS NEELY WAVE.
Understand, it is not a fight between Bob Prechter and Glen Neely. They
know and respect each other. I do not necessarily agree with Prechter's
counts either, but that is about how I view price developments. I use a
similar methodology and rule set. Neely does not. He's made up his own
rules and regulations that work too. That's fine. Its just not Elliott.
His counting rules allow for and even force running corrections.
Standard (not Prechter) Elliott does not.
Those that follow Neely tell me that using Neely forces more
objectivity. There are rules and regulations that cannot be broken. That
does not mean that they do not change their counts on a regular basis,
because they do. It is just that they have more rules than other EWavers
do. At the end of July I asked somebody that follows Neely if stocks
could fall sharply and was told "impossible." That was until the rules
were broken and another count invented, MUCH LIKE I DO AND ALL ELLIOTT
PEOPLE DO WHEN WE ARE WRONG.
Steve Poser
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