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Clyde and all those interested,
Have a look at the enclosed graph. It shows very clearly a perfect
example Of the implementation of Fibonacci ratio's at work, and why
Clyde's number crunching statistical tour de force shows up nothing.
This graph is a daily Bar chart of the Dow, looking at the major high
and the corrective rally we have had this year. Notice that the
corrective rally finished in a classic Neely Triangle, as so many
multi-wave corrective structures do. Also notice That at that exact
moment we completed the 'e' wave of the triangle was also the EXACT
61.8% retracement of the major decline so far. Also note, that with
almost Any swing methodology applied to this market would never have
caught this. If You go to a weekly or monthly chart that termination
point vanishes and so does The 61.8% retracement, thereby seemingly
proving Clyde's assertion. Clyde, You do some great work, but it seems
there are 2 anomalies here..the first is You seem to believe in Gann
angles but not Fibonacci? That's is an unusual Combination to the say
the least. Secondly, don't let yourself fall into the camp University
academics have for the past decades of trying to prove markets were
Random and technical analysis had no validity by conducting spurious and
erroneous Test. Doing a number crunching test...no matter how detailed
and intensive does NOT Prove something doesn't work simply because your
test didn't show it.
This is why I sent this simple little graph. The combination of Elliott
and Fibo working a treat. These aren't isolated examples, and there is
no one on the
planet who could ever suggest we stopped at that point because "everyone
looks at charts..so they were watching the 61.8% level".
Adrian Pitt
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