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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Margarita who wrote (21484)	7/10/1998 10:59:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 70976

Jack---Not to turn this excellent thread into an EW format, but my comments are as follows----GET is arithmetic scaling so long term counts are highly suspect. One should be using log count. For this reason, I also have Elwave (www.prognosis.nl) which uses log. I often take GET's counts with a grain of salt for a whole host of reasons. GET is not really Elliott wave, more like Joseph wave since GET breaks most of the rules and guidelines in arriving at a count. enough said.---The EW guideline is that after a 5 wave sequence is complete, a retracement takes place which usually goes down into the AREA of the 4th wave of the just completed 5 wave sequence. It does NOT have to go down to the bottom of Wave 4 but can stop at any point below the top of W3----which is where W4 began. in AMAT's case, the W4 area is a wide one between 11ish and 29ish-when measuring waves on a a log chart starting from the origibal low of roughly 1.00. So, it would be not be breaking any rules or guidelines if AMAT bottomed out at say 24, just so long as it undercuts the 25.50 low of last Dec. Once it does that --in a 5 w sequence down from the recent 31.88--the entire down move may be over---or it might be only w1 of a larger 5w sequence down. Don't know yet. By the way the weekly chart on GET shows the MOB support at 22-23.50 if I recall. The daily is showing 24-25. Only if it breaks decisively through 22 would I start thinking of 12. regards.