[CANSLIM] Re: Elliott Waves

From: Spencer48@aol.com
Subject: [CANSLIM] Re: Elliott Waves
Date: Thu, 29 Aug 2002 22:28:57 EDT

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Mike:

     Elliott Wave is merely a reflection of how people react to any 
crowd-following phenomenon:  Whether it be greed (Bull impulse waves, ie. 
Elliott 1-3-5 Waves) or fear/profit taking ( the Corrective Waves, ie. 
Elliott 2-4 Waves, and also the A-B-C waves).  

     The total reflection of investment and speculation psych is agglomerated 
in one full cycle of the wave, ie. Elliot 1-5 + A,B,C Waves.

     For what I consider an excellent book (without all the filler, 
inessential detail, and qualifications that Prechter and Frost go into) on 
Elliott Wave as regards the stock market, I recommend the 150 page paperback, 
Elliott Wave Simplified by Clif Droke, the editor of several weekly stock 
newsletters, and the author of Technical Analysis Simplified.

jans


In a message dated 8/29/2002 5:01:35 PM Eastern Daylight Time, 
mikegibbons@proactech.com writes:

<< I have the same kind of feeling about Elliot Wave Theory as
 Einstein had about the uncertainty principal - without a rational
 explanation for why it works (if it does reliably), its hard to believe in
 it.
 
 I can understand fibonacci numbers recurring frequently in nature because
 they could be somehow encoded in DNA, but I have a hard time seeing how they
 could apply to the stock market. But then again, I haven't put any time into
 trying to understand the causal connection and my comments are based largely
 on ignorance. If any member of the group can explain a possible causal
 relationship, I would find that helpful.
 
 Also, why is this off topic? Understanding M is fundamental to CANSLIM
 because 75% of stocks go with the flow. >>

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