Question of the Week: 4/15/2009
Do you plan to develop NEoWave software? If not, why not?
It should not be surprising that I've been asked many times whether the Institute has software available that produces good NEoWave counts or if we recommend any wave analysis software.
In the 25 years I've been in this business, I have never worked on or considered producing such a product. Why? It is a waste of time. Like all things in nature, wave theory grows, expands, evolves. Computers can only do what they are told. They can't think, reason, deduce, induce or adapt. If I had gone to the trouble, in 1987 (when I started Mastering Elliott Wave - MEW), to enter every rule and concept presented in my book, by the time the project was concluded (which could have been 1-2 decades later), the market had "moved on," producing new, more complex and unusual patterns (such as NEoWave Diametrics, Neutral Triangles, Symmetricals, 3rd Extension Terminals and other pattern variations not discussed in MEW). As a result, to produce good wave counts, many additional months or years would have been required to tell the computer how to interpret and identify all those new patterns. Once that was finished, new behavior or environments would have emerged to cause the project to continue, ad infinitum.
On the other hand, the human mind can extrapolate, interpolate, induce, deduce, reason, brainstorm, curve fit, rationalize and adapt very quickly. For that reason, if you simply take the time to learn and understand the basics of Elliott Wave and the advanced logic and confirmation rules and concepts of NEoWave, you can (on the fly) adapt and logically combine information in new and complex ways that a computer could never do. As a result, spending the time to learn Elliott Wave and NEoWave concepts is easier, more useful and more effective than spending years trying to get a computer to understand, interpret, label and forecast the future based on past standards of behavior.
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