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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
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Chaos is a name for any order that produces confusion in our minds.
George Santayana
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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