Well said ValleyVintner ! Confluence is what I want. The fractal approach is well laid out in the book ...... "Trading Chaos" by Bill Williams.
Mandelbrott article here http://www.elliottwave.com/education/SciAmerican/Mandelbrot_Article2.htm It's exaggerated to say that Mandelbrott cautions Elliott Wave. If you read the article in details Mandelbrott doesn't pretend that Market is predictable with fractals. Mandelbrott's fractals and Ewave fractals are of different nature: the first is stochastic, the second is deterministic. Mandelbrott doesn't affirm that market has a deterministic nature - notably that it follows magic "ratios" like Fibonacci - contrary to Elliott. I suspect that Prechter wanted to profit from the scientific notoriety of Mandelbrott to create the polemic that Mandelbrott has tolen Elliott Idea whereas it is by studying the Nile than Mandelbrott creates his fractals theory. I don't say that against Elliott Wave since my model rather cautions Elliott Wave (http://www.econometric-wave.com/articles/1/home.html.html) - although I didn't expect it at the beginning - rather only because I cannot still cautions all Elliott Wave in details only in principle (for example my model doesn't use Fibonacci ratios but they appeared at the end as effect of the model). I say that relatively to Mandelbrott who doesn't have any lesson to receive from the Elliottists as his research is conducted independtly of Elliott Framework and in details it is not at all Elliott Wave, only ressemblance in forms not in profound concept. Mandelbrott's approach is rational (he reasons with Activity) whereas Elliott is esoteric and falsely pretend to explain the generation of waves with psychology whereas my model pretends that it is rational activity described by Mandelbrott's above that is behind the waves. Why does it matter ? Because knowing the true cause allows better precision. Elliott is too combinatorial and this is due to the lack of understanding the true cause behind the waves.
Well according to this dude. Which specializes in wave. (not elliot, gann) Whoops...:eek: Oh well. We already hit the highs. I love the commercials by the end of the video. Right. http://www.youtube.com/watch?v=wPr_2z78ISc
I seem to recall that Paul Tudor Jones had good things to say about Elliott Wave in his interview for Market Wizards. Aha, found it, on p. 130, in answer to the question What do you mean by opportunist?
======================= True; he had some other helpful things also. Got a postcard from EW , which i kept [ calling bear market rally]; 3 or more years early.Better 3 years early than 3 years late
On a different note lol check out this kid shredder. Clip is two plus years old...where is he now? http://www.youtube.com/watch?v=QjA5faZF1A8
http://i11.tinypic.com/402pddv.png I found that you can find times when this picture works, you have to look at it and try to see the patterns, change from candle charts to line when you're seaching for trades and there are many stocks that trade like this, if you look at the right side and see the inververse head and shoulders and then the failure ,this happens all the time and a lot of guys get caught in it but there are patterns within patterns that happen even if its a fake
My issue with EWT and Prechter is that they have a good marketing campaign in that ... people know them. Most of the hedgies have heard about the idea and that alone is prob worth some decent coin. If ANYTHING they had worked .... why not trade a test a account and post results. Or ... they cant be making a ton of of ElliotWave.com ... why not pump there userlist ... get 10-20MM (which they could get ... just on name brand alone) and trade it. I think the reason is clear .... they never traded because ... they are analysts not traders. They definitely believe in what they preach ... I know ... I subscribed for years .... but that nagging feeling as to why they dont exploit it ... always bothered me. I had the same feeling about Gartman(although no where as strong as EWT) ... until he accidentally CC'd instead of BCC'd and his client list was exposed .... hes got a ton of dudes payin 10-15k yearly .... with that many he doesnt need to trade!!
There's an essay that refutes the logical foundation of Elliott Wave Theory on orvinfive.blogspot.com enjoy..