Elliott Wave Theory. The history of the Elliott Wave

4. Theory of Elliott

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In 1938, published a monograph titled The Wave Principle. In this book were first set out principles that formed the basis of the concept, which subsequently received the name "the theory of waves of Elliott. The monograph was published with the support of the Charles Collins, whom Elliott, founder of the theory, presented the results of their original research. Ralph Nelson Elliott (1871-1948), an accountant by profession, he worked in the sphere of restaurant business and railway transport. At various times he served in various railway companies in Mexico and other Central American countries. In 1927 he retired for health reasons - the result of severe illness, which he suffered in Guatemala, after several years hard restored health home in California. In the long recovery period Elliott developed his theory of the behavior of the stock market. He apparently was under the strong influence of the Dow theory, which, it should be noted, have much in common with his own. In 1934 he wrote Collins, who at that time worked as the editor of the exchange Bulletin "", and said that a subscriber to the newsletter Robert Ri, and therefore unfamiliar with the book last devoted to the Dow theory. He also wrote that the concept of waves is "very necessary complement to the Dow theory". Elliott said Collins about the opening and expressed hope that he would go to work in his company. Was followed by a lively correspondence, and soon Collins, believing in the importance of opening Elliott, helped the latter to start a career on wall Street and even agreed in 1938 to publish his book "the Principle of the waves".

Collins also introduced Elliott with the editors of the magazine "financial world", After that Elliott wrote a series of twelve articles, in which he presented his theory. Articles were published in 1939. And in 1946, two years before his death, Elliott wrote the most important of his works devoted to the "theory of waves": Nature's Law - The Secret of The Universe. Work name might sound a bit pretentious. The matter is that Elliott thought his concept of the securities market part of a much larger whole, namely, the universal law of nature, the managing all spheres of life of mankind. Although it would be very curious to consider the theory of Elliott from this point of view, we nevertheless have to leave this fundamental theme and pay attention to those aspects of the theory of waves, which are directly related to securities market. Proceedings of Elliott could be completely neglected, if not E. Bolton, in 1953 he began to publish works on the theory of waves in an annual Supplement to the journal "Bank Credit Enalist". Publication continued for fourteen years until the death Bolton in 1967.

in 1960 Bolton published a book Elliott Wave Principle - A Critical Appraisal, which was the first major work, dedicated to the wave theory since the death of its founder. In 1967 publishing applications continued E. Frost, and in 1970 he wrote his last major work on the theory of the Elliott, published in "the wave" application log in the "Bank Credit Enalist". In co-authorship with Prechter frost wrote in 1978 book "the Principle of Elliott waves" (Elliott Wave Principle, A. J. Frost and R. Prechter), which today is considered the most comprehensive work on this theme. In 1980 Prechter has published a collection of essays Elliott. Readers have access to the classic, long-unreleased works Elliott. Himself Prechter is considered one of the leading specialists in the theory of waves. He publishes a monthly Bulletin "Herald of the Elliott wave theory", which focused on problems of the wave concept of equity markets, interest rates and precious metals. Issues related to the use of the theory of waves on commodities futures markets, is examined in another Bulletin, also published by Robert Prechter, authored by D. Wace.

Since its creation none of the users has not made any notable innovations. On the contrary, all efforts were directed to the principles defined Elliott, stood out more and more clearly. The result is evident. According to poll by the Wall Street Journal, Robert Prechter leading "Elliott" of our day was called "the guru of the ' 80s for the forecasts of movement of the Dow Jones Index. Of course, the Theory of Elliott's not very easy to use. To compose your own predictions, you need to clearly know the weight of the rules, to have an idea about the guidelines and have specific "look" at a price chart. On the other hand, the quality of forecasts made using the Elliott Wave Theory, speaks for itself.
by the Way Robert Prechter no luck with the translation of the name on the Russian language. Prechter translated Prechter. But we understand that we are talking about the same person. Alexander Elder writes about Prechter in the book "How to play and win on the stock exchange next.

the Next guru Robert Prechter said about himself in 1984. His career he made as a specialist in the Elliott wave theory. R. H. Elliott - in poverty accountant - designed it in the 30s. According to his theory, increase the exchange takes 5 waves stages, while a smaller - 3, with each stage can be divided further into smaller ones. Analytical bulletins Prechter, as was the case with its predecessors, for a long time had only modest success. When the teams are on the increase of Dow exceeded 1000-ing the mark, the public paid attention to the young analyst, claiming that it is only a milestone on the way to 3000. Trend is to increase getting stronger with each passing month, and with it grew and glory Prechter. In the 80-ies - the middle of the game is to increase - the glory of a narrow circle of exchange of publications and conferences for investors escaped into the open television and popular magazines, which Prechter gave interviews. In October 1987, the idol of a blunder, giving the first decree of making a sale, and then move on to buy. When the Dow fell down 500 points universal admiration was replaced by indignation and hatred. Some blamed him for this decline, others were dissatisfied with that the exchange has not reached the predicted peak them in 3000. Consulting activities Prechter descended, and he almost rolled it.

But it is not so. Prechter feels fine (English language can become familiar with the theory of original and independently) and in his latest book, "At The Crest of The Tidal Wawe" argues that in a global perspective the American stock market will fall below the level of 1000 in 2003. But people believed him when he predicted the bull market? But no one predicted the emergence of NASDAQ, and the theories are built on good old DOE. Remember who is the hits 30-ies. Railways, steel groups with different shares of which like hot cakes? Microsoft is not included in the Dow! and feel great. And already on the way genetic engineering and fuzzy logic. If the Dow and fall to 1000, then America will not perish. May be - will be such - and-such GENIN index. And Buffett with his conservatism Dow loses. Humanity is moving forward.

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