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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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What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

Robert Prechter

Robert Prechter

Born: 1949 (age 76)
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:
  1. Pioneering Studies in Socionomics (2003)

WikipediaRobert Prechter on Wikipedia

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