Lecture 11 - Wave Analysis and Elliott Wave Principle

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In this lecture we will take a look at the basis of one of the best existing forecast instruments which is called the Elliott Wave Principle.

The Wave Principle is a discovery by Ralph Nelson Elliott showing that the public behavior (or crowd psychology) improves and changes in the form of identifiable models.

Using the exchange market data as the main instrument, Elliott discovered that the ever-changing price configuration of the exchange market shapes up a certain structured pattern, which describes a fundamental natural harmony.

On the basis of this discovery he developed a rational market analysis system.

Elliott pointed out there are movement patterns, or waves, emerging repeatedly in the market price movements and they are similar in form, but not always in timeframe and amplitude.

He named these models, gave definitions and illustrations.

Thereafter, he described how these structures link together to form a zoomed version of these models, and how they build the extended identical models.

To be brief, the Wave Principle is a catalogue of price adjustments models and explanations of where it is most likely to see such figures in the market development process.

Elliott classifications present a rule set for the market behavior explanation.

Elliott posited the prediction significance of the Wave principle, which was named after him.

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