To: Sweet Ol who wrote (67754 ) 1/26/2001 5:00:07 PM From: Death Sphincter Read Replies (1) | Respond to For me, it is obvious that there are repeating patterns on stock charts. 60 years ago Elliott attempted to catalogue these patterns and referred to them as waves. He further attempted to qualify these waves as reflections of investor sentiment...as you say,fear and greed. There are a finite number of patterns....really just a handful of waves, each with minor variations. Therefore, when you look at a chart it is possible to go back in time and find countless waves that look the same as the current wave. Because of the magnitude of the recent NAZ dive there aren't many comparisons, other then the Nikkei, so naturally it is going to be the comparison. Now I happen to believe that we WILL se a NAZ -2000...HOWEVER...its chart pattern does not have to follow the Nikkei exactly and in all probability it will not because the 'setup' here is different then that of the Nikkei. If one believes in 'waves' and charts reflecting sentiment, and I do, then I can also construct a pattern that calls for a retracement well into the 4000s before the crap really hits the fan. You can take any chart pattern and look back in history and find one that is nearly identical....yet, if you look at the subsequent price action...you will find examples of 3 different actions
