Glenn Neely Rules/Logic

youyeg

Newbie
5 0
Hi guys,
I have a problem understanding how Neely's rules of logic is organized in his book Mastering Elliott Waves.
I'll give you an example:

Below is a paragraph of the book page 3-35 (Rule 1 Condition a), as you can see there are many "ifs" in there, but I have a problem understanding the hierarchy of the conditions; the blue parts suggest that :5 is inherited from the top, but the underlined parts, since the condition is repeated, suggest that they are independent,... So.. I was wondering if anyone could explain it to me how should I interpret it.

Thanks.

If m2 takes the same amount of time (or more) as m 1 OR m2 takes the same amount of time (or more) as m3, place a ":5" at the end of m1. If the length of m(-1) is between 100-161.8% (inclusive) of m0 and m0 is very close to 61.8% of m1 and m4 does not exceed the end of m0, m1 may complete a Flat pattern within a Complex formation where m2 is an x-wave (x:c3); place ":s5" at the end of m1.

If m0 is composed of more than three monowaves and m1 retraces all of m0 in the same amount of time (or less) that m0 took to form, m0 is probably the end of an important Elliott pattern; note on chart.

If m0 and m2 are approximately equal in price and time (or related by 61.8% in either case) and m(-1)is 161.8% (or more) of m1 and m3 (or m3 through m5) achieves a price length equal to or greater than m(-1) within a time frame equal to or less than that of m(-1), a Running Correction (any variation) is probably unfolding; take note of that fact and add ”[:c3]" after the ":5" already at the end of m1. If the Running correction is a simple variation, it most likely started at the beginning of m0 and concluded at the end of m2 with m1 the "b-wave" of the correction. For the Running Correction to be of the complex Double Three variety, m(-2) must be shorter than m(-1); in that case, the formation probably started with m(-2) and concluded with m4 making m1 the "x-wave" of the formation (x:c3).


If m0 and m2 are approximately equal in price and time (or related by 61.8% in either case) and m(-1) is less than 161.8% of m1 and m(-1) is larger than m0 and m3 OR m5 is 161.8% of m1 (or more), a Running Correction (any variation), which concludes more than one pattern, might be under formation; note that fact and add ":c3" after the ":5" already at the end of m1.

 

dbphoenix

Legendary member
6,952 1,244
What do you mean?
I suspect he's referring to the gibberishness of the whole thing.

There is a common perception amongst amateur traders, particularly beginners, that if something is to be profitable, it must be not only complex but complicated. And that if something is not only complex but complicated, it must by its nature be profitable. Neither of which is correct.
 
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youyeg

Newbie
5 0
I suspect he's referring to the gibberishness of the whole thing.
I am below an amateur, and I'm just trying to know what Neely is saying, and I'm a bitt greedy to learn what e is selling for almost 6000$ for his lessons o NeoWave. I want to be sure myself that I didn't miss it, if it's legit.
 

timsk

Legendary member
7,072 1,866
I am below an amateur, and I'm just trying to know what Neely is saying, and I'm a bitt greedy to learn what e is selling for almost 6000$ for his lessons o NeoWave. I want to be sure myself that I didn't miss it, if it's legit.
Hi youyeg,
Welcome to T2W.

On the balance of probabilities, do you think Neely makes his money from selling gobbledegook or from trading? It looks to me as if he's hoping that bullpoo baffles brains and that the high price tag will make prospective punters think he must - surely - be offering something of value. If there was anything of merit in what he's saying then, between us, we'd know about it and be able to endorse it. That we can't tells you all you need to know. Save your $6k and move on!
Tim.
 

dbphoenix

Legendary member
6,952 1,244
I am below an amateur, and I'm just trying to know what Neely is saying, and I'm a bitt greedy to learn what e is selling for almost 6000$ for his lessons o NeoWave. I want to be sure myself that I didn't miss it, if it's legit.
Keep your money in your pocket. There are tons of information here re learning how to trade, all free. If you still have your introductory email, links are provided there.
 

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