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The correct method for tracking the stock market is to use semilogarithmic chart paper, since the market's history is sensibly related only on a percentage basis. The investor is concerned with percentage gain or loss, not the number of points traveled in a market average. Arithmetic scale is quite acceptable for tracking hourly waves. Channeling techniques work acceptably well on arithmetic scale with shorter term moves.
Robert Prechter
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The target for a retracement following a fifth wave often is doubly indicated by the end of the preceding fourth wave and the 382 retracement point.
Robert Prechter
Quote of the day
When the moon is in the seventh house, And Jupiter aligns with Mars, Then peace will guide the planets, And love will steer the stars; This is the dawning of the age of Aquarius.
James Rado
Robert Prechter
Born:
1949
(age 75)
Bio:
Robert R. Prechter, Jr. is an American author and stock market analyst, known for his financial forecasts using the Elliott Wave Principle.
Known for:
Pioneering Studies in Socionomics (2003)
Robert Prechter on Wikipedia
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