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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (81140)	9/10/2003 11:41:16 PM
From: SwampDogg	Read Replies (1) \| Respond to of 209892

Prechter has contributed as much to market analysis as pretty well anybody out there IMO. The flexibility of EW is what makes it so valuable (and yes at times frustrating) His latest books are also great reading especially for "Joe Investor". I did not hear the Prechter had become bullish on gold yet. I thought that $390-$400 was needed.

To: mishedlo who wrote (81140)	9/11/2003 12:02:10 AM
From: Shack	Respond to of 209892

Thanks for the kind words mike. Prechter (and Velo for that matter) is one of those wavers who puts out these large counts which have to be constantly changed, whereas I don't really care what the count is. My main use of e-wave if to identify a trend and then buy/sell the correction, that's pretty much it. Otherwise I use classical chart TA (wedges, channels etc..) and very little else. As I've said many times the benefit of E-wave isn't getting the count right, but identifying low risk set-ups with near stops. The recent set-up of APOL as posted by jj (who is getting pretty FN good too) is a good example of how e-wave should be used for short/intermediate term trading. No large scale count involved there, he just identified a rather obvious looking flat correction which took place between mid-July and the end of August and bought the bottom of wave 'c', all within a massively large uptrend. If he was wrong his stop was so close he'd lose very little, nice low-risk entry. As it is, he seems to have nailed it and I still see that stock as a screaming buy. I find e-wave gets a bad rap but its a great tool when used correctly. These big long term counts like Prechter has for gold seem dangerous since one can get married to them too easily and stay in bad trades far too long.

To: mishedlo who wrote (81140)	9/11/2003 2:27:33 AM
From: Abner Hosmer	Respond to of 209892

On the subject of retraces, I think this one bears watching: stockcharts.com[g,a]whllnyay[d19940301,20030903][p][vc60][iUe12,26,9!Lb14]&pref=G I think we've come within a fraction of a point of the April '02 high on this move: 517.40 vs 517.21 if a quick look is correct. What's that Latin saying.. In tenui labor? Hosmer