Market Analysis for the New Millennium [Hardcover]

Robert R. Prechter Jr. (Author)

Book Description

Publication Date: July 2002

Market Analysis for the New Millennium lights the way professionals should be conducting financial analysis. The contributors understand what’s really going on in the markets. Collectively, these twelve authors tear down convention and build a powerful case for a brand new way.

Here’s part of what you’ll find:

· New Studies in the Wave Principle and other studies in market analysis that reveal the latest findings in the field

· Fascinating essays on finance and philosophy to give you a deeper understanding of how markets really work

· Insight into investment manias so you don’t get swept up and away with the crowd

· Requirements for successful forecasting and speculation to guide you as you put your newfound knowledge to work in the markets

There is a common thread running through each of the essays in Market Analysis for the New Millennium. Right now, those who espouse this view are in the minority. This volume brings hope that the right kind of market analysis will rise to prominence in the new millennium. "Arguably the most thoughtful and thought-provoking book on technical analysis in at least the last couple of generations." –Martin J. Pring, author, Technical Analysis Explained, Introduction to Technical Analysis and Martin Pring on Market Momentum

"This book should become a classic. It is a must read for budding financial analysts who wish to understand and to participate in the coming explosion of scientific work that will undoubtedly be coming in this field during the twenty-first century. For veteran analysts, it is a treasure trove of excellent reference material sure to organize your mind for what is ahead. Read it!" --Frank A. Peluso, Chairman, Market Systems Research, Inc., recipient of the Putnam Fellowship in mathematical physics at Princeton University

"Market Analysis for the New Millennium is another class act by Robert R. Prechter, Jr. It is a compendium of challenging insights, provocative theories and useful techniques from an assembly of masterful contributors. For the serious analyst who wishes to take the Wave Principle to a higher level, this book is must reading." -- Professor Henry O. Pruden, Ph.D., Ageno School of Business, Golden Gate University; Executive Director of the Institute for Technical Market Analysis (ITMA)

"The amazing aspect of Market Analysis for the New Millennium is not just how prolific a writer Prechter is but how he has maintained such a high quality of original thinking and exposition. Bob has put together a winner that will benefit amateur and professional market watchers alike." --Peter Eliades, editor, Stockmarket Cycles; recipient of the MTA’s 2001 Charles Dow Award for Excellence in Technical Analysis

"Along with his co-authors, Prechter has once again raised the credibility of market analysis to levels others thought were not possible." --Ralph J. Acampora, CMT, Director of the Technical Research Department at Prudential Financial in New York City; President and co-founder, Market Technicians Association (MTA)

Product Details

• Hardcover: 312 pages
• Publisher: New Classics Library (July 2002)
• Language: English
• ISBN-10: 0932750524
• ISBN-13: 978-0932750525
• Product Dimensions: 9.4 x 6.3 x 1 inches
• Shipping Weight: 1.4 pounds
• Average Customer Review: 4.0 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #1,341,490 in Books (See Top 100 in Books)

More About the Author

For Robert Prechter's full biography, please visit www.robertprechter.com.

Robert R. Prechter, Jr., is a financial and social theorist and a market analyst. He has written 14 books. Elliott Wave Principle with A.J. Frost (1978) forecasted the great bull market of the 1980s and 1990s. Conquer the Crash (2002, 2009), a New York Times bestseller, predicted the current global financial crisis in detail. Prechter's two-book set Socionomics (2003) shows how his social and financial theories weave together with his market forecasting approach: Waves of group mood determine the tenor of society's actions, from more inward, dark, bearish expressions to more outward, sunnier and bullish endeavors. Prechter's newest website, www.socionomics.net, explains his socionomics hypothesis and how it applies to various human arenas.
Prechter has dedicated much of his career to employing and enhancing R. N. Elliott's financial pricing model called the Wave Principle. He began his career as a Technical Market Specialist with the Merrill Lynch Market Analysis Department. Prechter is President of Elliott Wave International, the world's largest market forecasting firm. EWI serves institutional and private investors around the world.

Financial Theory
Prechter's theory of financial causality proposes a separation between finance and economics. In the economic realm, goods and services have utility value and mostly are priced rationally via the Law of Supply and Demand. This leads to rough equilibrium. In the financial realm, investments are priced non-rationally, with changes fueled by uncertain future demand and according to the Law of Patterned Herding. This approach generates speculation and unceasing dynamism. Only once the analyst recognizes this divergence can he properly view financial pricing, Prechter asserts.

Socionomics
Prechter's theory of socionomics says that trends and events across a broad spectrum of human interaction are impelled by a common immutable force: social mood. With its claim that mood impels action and events, socionomics is unique; most social theories posit the reverse.
The Wave Principle
As a market analyst, Prechter applies the Wave Principle, a financial pricing model identified and described by Ralph Nelson Elliott in the 1930s. According to this model, financial market prices develop in a series of five- and three-wave forms and produce a fractal. Prechter has written and/or edited a dozen books on the Wave Principle. Prechter began applying the Wave Principle to financial markets in 1972. Prechter's firm, Elliott Wave International, analyzes every major financial market in the world, 24 hours a day, according to the Wave Principle.

Awards
Using the Wave Principle, Prechter won the U.S. Trading Championship in 1984 with a then-record 444% return in four months in a monitored, real-money options trading account. Prechter has won numerous speaking, timing and publishing awards, and in 1989, he was named "Guru of the Decade" by the Financial News Network (now CNBC). In 1999, Prechter received the Canadian Society of Technical Analysts' first annual A.J. Frost Memorial Award for Outstanding Contribution to the Development of Technical Analysis. In 2003, Traders Library granted him its Hall of Fame award.

Miscellaneous
Prechter was born in 1949. He attended Yale University on a full scholarship. In 1979, Prechter founded Elliott Wave International and began publishing monthly market analysis under the masthead, The Elliott Wave Theorist. He was a nine-year member the Market Technicians Association's board and was the MTA's President in 1990-1991. Prechter employs a staff of analysts who apply the Wave Principle, real-time, to every major market in the world. He recently created the Socionomics Institute, which elucidates socionomics, and he underwrites the Socionomics Foundation, which is dedicated to supporting socionomics-related academic research. Elliott Wave Principle has been translated into a dozen languages, and Conquer the Crash was a New York Times bestseller. Prechter has made multiple speeches and media appearances around the globe. In 2008, the Georgia state legislature asked Prechter to testify before the legislature's Joint Economic Committee regarding the developing real estate crisis. Bob is a member of the Triple Nine Society, the Shakespeare Oxford Society and the Shakespeare Fellowship.

Customer Reviews

Most Helpful Customer Reviews

23 of 25 people found the following review helpful:

5.0 out of 5 stars Scientific background of Elliott Wave Theory, May 12, 2002

By 

Tuncer Sengoz (Istanbul Turkey) - See all my reviews

This review is from: Market Analysis for the New Millennium (Hardcover)

R. N. Elliott announced the Wave Principles as the "Nature's Law" some 60 years ago. Since then, many Ellotticians has been predicting the market movements in perfect accuracy, using his methods.

Mr Prechter's previous book, The Wave Principle of Human Social Behaviour, was about a new discipline called "Socionomics" which was the application of the Elliott wave principles to the Human Social behaviour. In that book Mr Prechter successfully proves that the Social Mood is the motor of all human activities, and the Elliott Wave Theory is the only method to analyse the market behaviour, which is indeed the mirror of the Social Mood, swinging from one extreme to another in the forms of waves.

Market Analysis for the New Millennium is made up of 21 essays of 12 authors. In this book you will find interesting essays about the Social Models, Fractals and Chaos Theory, Mathematical basis of Wave Theory, Finance and Philosophy, Investment Manias, a new Elliott formation called Packet Waves, Sunspot Cycles and Stock Performance and the requirements for successful forecasting and speculation.

In the Foreword, "Conventional analysis is a wasteland of irrelevance" says Mr Prechter. I agree. So what do we need to understand what's going on ? I recommend you to read this book, I'm sure you will change your views about the market movements, if you still didn't read the previous books about the Elliott Wave Theory.

12 of 12 people found the following review helpful:

5.0 out of 5 stars New Market Analysis - Excellent!, December 30, 2002

By 

"dmuelken" (Falls Church, VA United States) - See all my reviews

This review is from: Market Analysis for the New Millennium (Hardcover)

Since I have been introduced to Bob Prechter's Elliot Wave analysis and others like him, I have had tremendous success in the markets this past year. While I do not believe that Elliott Waves can predict exact stock market movements with a 100% degree of accuracy (who can?), I have been alerted to important tops and bottoms in this past year of a tempestous bear market environment and have profited in both directions. "Socionomics", as outlined in the book makes perfect sense as a social and economic indicator, and we see the exact scenarios that the book talks about taking place today in our global economy. A good read, as is Conquer the Crash (and no, I am not a paid reviewer for Prechter - I read and consider all points of view on the markets and the economy. This way of approaching the market is refreshing and insightful, not to mention profitable).

2 of 2 people found the following review helpful:

5.0 out of 5 stars New Market Analysis - Excellent!, December 30, 2002

By 

"dmuelken" (Falls Church, VA United States) - See all my reviews

This review is from: Market Analysis for the New Millennium (Hardcover)

Since I have been introduced to Bob Prechter's Elliot Wave analysis and others like him, I have had tremendous success in the markets this past year. While I do not believe that Elliott Waves can predict exact stock market movements with a 100% degree of accuracy (who can?), I have been alerted to important tops and bottoms in this past year of a tempestous bear market environment and have profited in both directions. "Socionomics", as outlined in the book makes perfect sense as a social and economic indicator, and we see the exact scenarios that the book talks about taking place today in our global economy. A good read, as is Conquer the Crash (and no, I am not a paid reviewer for Prechter - I read and consider all points of view on the markets and the economy. This way of approaching the market is refreshing and insightful, not to mention profitable).