Elliott first published his theory of the market patterns in the book titled The Wave Principle in 1938. Elliott based part his work on the Dow Theory, which also defines price movement in terms of waves, but Elliott discovered the fractal nature of market action. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves.Įlliott was able to analyze markets in greater depth, identifying the specific characteristics of wave patterns and making detailed market predictions based on the patterns.
He was an American accountant and author. 2.5 Relation between Fibonacci and Elliott Waveġ) Elliott Wave Theory: Modern Theory for 21st Century Market 1.1 What is Elliott Wave Theory?Įlliott Wave Theory is named after Ralph Nelson Elliott (28 July 1871 – 15 January 1948).2.4 Fibonacci Retracement and Extension.1.5 The Rise of Algorithmic / Computer-Based Trading.1.3 Five Waves Pattern (Motive and Corrective).1.2 Basic Principle of the 1930’s Elliott Wave Theory.Elliott Wave Theory 1) Elliott Wave Theory: Modern Theory for 21st Century Market
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