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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: J.K. who wrote (6737)	3/18/2005 11:01:11 PM
From: Walkingshadow	Respond to of 8752

I don't use Eliot Waves, they always seemed something like Tarot cards to me. But retracements are useful. T

To: J.K. who wrote (6737)	3/19/2005 10:14:05 AM
From: Vendit™	Read Replies (1) \| Respond to of 8752

Good morning JK. Elliott Wave analysis is too subjective for my taste therefore is not a reliable means of analysis for the average trader. The theory itself is based on the reproduction count rate of rabbits. When I say that I think the analysis style is too subjective, I simply mean that too much of the analysis is left up to the person’s judgment to decide when one wave begins and another ends. If he or she makes one mistake then the entire analysis will be flawed. Read the following linked explanation of wave analysis: acrotec.com Now to address your second question “do I use it?” The answer is sometimes but to a very small degree and only when I allow my computer program to generate the Wave Positions. That takes me out of the guessing business. Below is an example of a chart that I used Elliot Waves to project support levels: themarketwind.com I drew the above chart several weeks ago and you may note the lower line at the position of 36.44. Interestingly yesterday the QQQQ closed ar 36.51. I use Elliott Wave as a very small part of my over-all analysis. Reid