Let me tell you a story about two traders, John and David. Both trade using wave analysis. But John practices the original Elliott Wave theory while David lost faith in the traditional approach and switched to the modified version. In this story we will be watching how each trader treats every single move in the market. For simplicity let’s assume that we are dealing with a new trending move up that is starting after a large corrective move down. So the story begins when the market has just made the first move up off a major low.