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To: Investor2 who wrote (12288)	7/18/1998 1:15:00 AM
From: Robert Graham	Respond to of 42787

From what I have heard from traders more familiar with this technique, Elliot Wave is too subjective to successfully apply. But some appear to have success with it. I see it more as a template that can be used to understand price behaviour. I think proper utilization of this theory may have more to do with the trader's knowledge and experience with price movement than it has to do with the theory itself. But this is just a guess on my part. One successful trader uses a mechanized version available through a program called Advanced GET which Chris here also learning to use. At least a program would be consistent in how it put together the waves. However, it is an "after the fact" approach. Apparently wave determinations can change and be redefined as the market price patterns evolve on a stock. I am sure Chris has more to say in this area. Elliot Wave I am told determines direction. Other techniques like Fib need to be applied to determine extent in the prediction of future prices. Both Fib and Gann and Elliot are classed under the predictive methods of charting. As I have described in other posts, the TA techniques you see here on this thread are not predictive in the same sense. Bob Graham