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Elliott Wave Principle: Key to Market Behavior Paperback – January 16, 2001

ISBN-13: 978-0471988496 ISBN-10: 0471988499 Edition: 1st

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Product Details

  • Paperback: 240 pages
  • Publisher: Wiley; 1 edition (January 16, 2001)
  • Language: English
  • ISBN-10: 0471988499
  • ISBN-13: 978-0471988496
  • Product Dimensions: 9.1 x 6.3 x 0.4 inches
  • Shipping Weight: 13.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (28 customer reviews)
  • Amazon Best Sellers Rank: #890,090 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

Robert R. Prechter, Jr. Robert R. Prechter, Jr. is author of several books on the markets and editor of two monthly forecasting publications, The Elliott Wave Theorist and Global Market Perspective. The Hulbert rating service reports that The Theorist exceeded the performance of the Wilshire 5000 over the 131/2 year period ending December 31, 1993, while being exposed to market risk only 50% of the time. EWT has won Hard Money Digest's "Award of Excellence" twice and Timer Digest's "Timer of the Year" twice, the only newsletter to do so. In 1984, Mr. Prechter set an all time record in the United States Trading Championship by returning 444.4% in a monitored real-money options account in the four month contest period. In December 1989, Financial News Network named him "Guru of the Decade". In 1990-1991, Mr. Prechter served as President of the Market Technicians Association in its twenty-first year.

From the Back Cover

"This is a definitive, excellent book on Elliott, and I recommend it to all who have an interest in the Wave Principle." Richard Russell, Dow Theory Letters
"Gold and Silver Today wholeheartedly endorses this book. It is the definitive work on a scientific wave theory of human experience. If you are interested in technical or wave analysis, it should be required reading." Gold & Silver Today
"This book is extremely well done. It is clear, brief and far the most useful and comprehensive for both the beginner and the veteran." William Dilanni, Wellington Mgmt. Co.
"An outstanding job...I don't think a better basic handbook of Elliott Wave theory could be written." Donald J. Hoppe, Business and Investment Analysis
"...A top-drawer reference for serious technical analysts....all the nuts and bolts necessary to do their own Elliott Wave assembly." Futures Magazine
"Chapter Three is the best description of Fibonacci numbers we've seen in print and that alone is worth the price of the book." Janes Dines, The Dines Letter
"In a third of a lifetime in this business, this was the first time I really understood Elliott, and this is certainly the first book on Elliott that I could recommend. All the methods that Prechter has used so successfully are fully described in this book." The Professional Investor
"Elliott Wave Principle is such an important, fascinating, even mind-bending work, we are convinced that it should be read by and and every serious student of the market, be they fundamentalist or technician, dealing in stocks, bonds or commodities." Market Decisions
"Even allowing for minor stumbles, that 1978 prediction must go down as the most remarkable stick market prediction of all time." James W. Cowan, Monitor Money Review
Recipient of the Technical Analysis Association's Award of Excellence

Customer Reviews

This is the classic book on Elliott Wave Theory.
There may be another five wave pattern following the last zigzag, may not, depending on where the Half Moon is at in the pattern one degree higher.
Lu Liu
This book is a must read for everyone interested to invest their own money.
Chris Demand

Most Helpful Customer Reviews

32 of 32 people found the following review helpful By Eric Noel on February 10, 2005
Format: Paperback
When I first opened this book, I had already read numerous books on Technical Analysis, including candlesticks, momentum oscillators, volume indicators and basic chart patterns. It became obvious to me that the Elliott Wave Principle lies at the heart of why certain chart patterns work only a certain percentage of the time; for what one is seeing in chart patterns is the formation of robust fractals, or Elliott Waves. Chart patterns are the blunt tool and Elliott Waves, the knife - at least in a probabalistic sense, as no method provides perfect accuracy.

This book is not for the mentally lazy, which included me when I first started reading it. In fact, it took me several months just to get through it, understand it and then apply it in real time chart reading. I still keep going back to it as a reference. However, if you have an obsessive desire to understand the financial markets, you will make it through the book and be rewarded with a perspective that VERY few have on the financial markets and, therefore, the psychology of crowds.

I would suggest The Wave Principle of Human Social Behaviour (also by Prechter) before reading the highly technical Elliott Wave Principle. Your want to learn the details of the Elliott Wave Principle will then be fully primed.
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32 of 34 people found the following review helpful By Lu Liu on April 6, 2008
Format: Paperback
A fellow reviewer of this book said "Obviously people either love this book or they hate it." I disagree. I love and hate this book at the same time. People with different backgrounds and perspectives will view this book differently. I would like to offer my opinions here to those like me, and to others too.

I consider myself a "serious beginner". I read my very first book on stock market in last March and bought my first stock in last May. I became interested in Elliott Wave Theory (EWT) in last August, one week before I gave up my academic career and started trading as full time pursuit. Currently I make a living by trading S&P index with the guidance of EWT.

Ralph Nelson Elliott is one of the greatest observers in human history. I believe that his achievement should be equal to those of the greatest ones such as Newton and Darwin. But I doubt that he will be ever widely recognized simply because the subjects he and his theory have been observing are actually the judges, i.e., we human beings.

EWT had been forgotten by the majority of trading, investing society for decades. Mr. Frost and Mr. Prechter and their book were the main reason that EWT became widely appreciated. I love the concise, old fashion way of writing of this book. All the rules and guidelines of EWT are presented clearly and demonstrated precisely with very well chosen examples. This book is a must have for any Elliott Wave student. I have studied three different editions of this book for five times. I studied some sections and pages more than ten times. This is the book one needs to read over and over again. However, this is a textbook, not a trading manual. Many of the wave counts in the examples are full of hindsight and not practically useful.
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12 of 12 people found the following review helpful By Mr. P. FITCHETT on January 7, 2005
Format: Paperback
Read this book with an open mind and investigate the suggested patterns and you will be amazed what you see.

I remember looking at a 4 year chart of the sp500 after reading this book and trying to observe the "3s" and "5s" and was shocked to see them staring back at me.

It is hard going at first - especially the first couple of chapters, but take it slow and it will soon sink in - you won't regret that you spent the time to learn Elliot Wave Theory
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17 of 21 people found the following review helpful By G. Thompson on September 23, 2003
Format: Paperback
This book is the easiest to read, most direct and to the point book that is solely on Elliott Wave. It tells all the possible moves, how they happen, and why. The book also goes into the very necessary explanation of Fibonacci and time relationships with regard to price. Many gold nuggets of information contained within this book; it is the most simple, complete Elliott Wave book you can get.
But the biggest problem is...most people just don't "get it"... Elliott Wave and Elliott's findings are SO MUCH MORE than the financial markets. The fundamental discoveries that govern the Wave Principle and thus the behavior of the financial markets are the very same fundamental forces at work throughout the entire universe. When you have a deep understanding of the Wave Principle, Socionomics, and science in general, you can begin to see how everything around us all ties together to form this awesome grand scheme of life and existance. A deep understanding of Elliott Wave and Fibonacci is the key to opening a whole new world of knowledge, application, and the birth of a new science.
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8 of 10 people found the following review helpful By David Rankin on July 19, 2004
Format: Paperback Verified Purchase
After reading this book I've decided to study Elliot Waves very carefully. While the book is fairly short the job of constructing degrees and understanding the rules/guidelines will take time to master. The reason I feel it's worth the time is that only Elliot Wave provided a structured way to understand short and long term cycles. The stacking and governance by degree provide meaningful insight into predicting future price movement.
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3 of 3 people found the following review helpful By Straddle1985 on May 12, 2011
Format: Paperback
Over the past years I've red over 300 books on investing, with at least 70 on the subject of technical analysis. One cannot read so much books on TA without ever having heard of the famous Elliot wave principle. I decided to give this book a try, but to be honest I already stopped after the first 3 chapters.

This stuff just isn't based on any principles. The author claims to have find some kind of order in price movements, which he tries to illustrate with his wave movements. He goes in great detail into trying to develop a theory on the logic behind these movements. What I missed the most are backtests supporting his theory.

He also doesn't hesitate to charge people money selling his wave theories. As if all of that ain't enough, a lot of his predictions on the stock market were completely wrong.

Honestly, I don't see a reason why a trader anno 2011 would pick up this stuff trying to improve his/her market skills.
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