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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: Ms. X who wrote (8657)7/12/2000 10:46:24 PM
From: Tulvio Durand  Read Replies (2) of 9427
 
On Price Objective (now included in DWA charts -- very nice!):

1. Vertical-count only is used. Horizontal count can give very different result. DSPG, for example, shows a Bullish PO 78 using vertical count, and a Bullish PO 95 using horizontal count. Is vertical count preferred as more accurate? Would averaging the counts, 1/2[VC+HC], yield more accuracy? Has any study been done on this?

2. Price Objective can vary enormously depending on box size. JDSU, for example, shows Bearish PO 94 using the default standard box size, and a Bullish PO 245 using the 5-box size. Which one to believe? Could one correctly interpret the standard (2-box size) as a short term PO and the other (5-box size) as a longer term PO? If so, how short, how long are the time intervals?

Kudos to DWA programmers for showing PO (and other recent improvements in the charts). It saves a lot of time and eliminates yet another error source. But we must still interpret what it means. The art remains.

Thanks, professor emeritus, Ms. X.

Tulvio
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