108 METHODOLOGICAL, PSYCHOLOGICAL, PHILOSOPHICAL, STATISTICAL FOUNDATIONS little, or as an Elliott wave pattern that assumes waves embedded within waves, golden ratios, Fibonacci sequences, and a host of other complex- ities, the random walk is the preferred explanation. That is, unless the Elliott Wave Principle is able to make more accurate predictions than the random-walk theory. Assuming the existence of an external reality simplifies matters greatly. To do otherwise would require a far more complex set of assump- tions to explain why two people, observing the same phenomenon, will come away with generally the same impression. Explaining why I see other cars stopping when I see the traffic signal turning red is simple if I assume that there really is a traffic light out there. However, without that assumption, many more complicated assumptions would be required to explain why other motorists stop when I do. As a consequence of its faith in an objective reality, science holds that objective and subjective perceptions are essentially different. My objective observation of a red traffic signal and my subjective experi- ence of being annoyed because it will make me late for work are not the same. Objective observations can be shared with and confirmed by other observers. For this reason, objective observations lend themselves to the establishment of knowledge that can be shared with and confirmed by others. Subjective thoughts, interpretations, and feelings cannot, and this flaw alone is sufficient to disqualify subjective TA as legitimate