Basic Concepts and Guiding Principles of Elliot Wave Theory

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Since the Elliott Wave Principle was discovered by its founder, R.N. Elliott in the 1930’s it has gained wide acceptance as a legitimate market analysis and forecasting tool. The Elliott Wave Principle is a detailed description of how groups of people behave. It shows that mass psychology swings from pessimism to optimism, and back again, in a natural sequence, creating specific measurable patterns.

One of the most obvious places to see this phenomenon in action is in the financial markets, where changing investor psychology is recorded in the form of price movement. Using stock market data as his main research tool, R. N. Elliott isolated eleven patterns
of movement, or “waves,” that recur in market price data. Since then, Elliot Waves principles have gained enormous popularity among traders and are constantly employed by chartists. Understanding the concepts behind the theory might be confusing at first and the learning curve may be steep, even for those who consider themselves to be experienced technical analysts. In this eBook we will try to debunk common misconceptions surrounding this highly practical and efficient study and give you practical, methodological examples of how this technique can be applied when dealing with any type of market, be it Forex, Stock, Commodity or Cryptocurrency.