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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Craig Stevenson who wrote (15639)	4/9/1998 10:41:00 AM
From: iceburg	Respond to of 29386

Craig, I hear you. But I have heard dates, theoretical maximums (7800) and all kinds of other jibberish before from these guys. I am not discounting the fact that wave theory is another useful tool, and that in fact there is some sound psychology behind it. But I wouldn't lose any sleep over it either, in the near future you will see the theory adjusted to account for what has happened the rest of this week<g> Steve

To: Craig Stevenson who wrote (15639)	4/9/1998 11:14:00 AM
From: KJ. Moy	Read Replies (2) \| Respond to of 29386

Craig, Like Steve was saying, Elliot wave theory is another technical analysis tool. It does have its place. Robert Prachter(my spelling is probably off) was a good Elliot wave technician supposedly. He correctly predicted the 1987 Oct debacle. He was riding on cloud 9 for a while after that. He had been bearish since then. He kept telling people to sell, sell, sell. Finally, nobody even bother to listen to him anymore. BTW, he was a psychology/Philosophy major. Elaine Garzarellli(spelling again) uses quantitative anaysis and try to predict a major downturn in 1996. We all know what happened. The point I am trying to make is 'Nobody really know'. I wouldn't totally dismiss these claims. I wouldn't lose any sleep on what they say either. Use your own intelligence to decide what to do. Learn more about these systems. They all measure human behavior to some degree. They all measure market psychology to some degree. What these systems fail to measure is the state of mind of the general public 10 years ago versus the state of mind of the general public now, among other things. Things are different this time. What are the differences? If you ask 10 people. You may get 10 different answers. Houses use to a great investment 15 years ago. People like to trade up with bigger houses or buying apartment buildings for investments. Not so in the last few years. I'm just pointing one the differences. There are many more. KJ