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Elliott Wave Principle: Key to Market Behavior 1st Edition

3.4 out of 5 stars 67 customer reviews
ISBN-13: 978-0471988496
ISBN-10: 0471988499
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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 bold...by 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


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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: 6 x 0.6 x 9 inches
  • Shipping Weight: 13.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.4 out of 5 stars  See all reviews (67 customer reviews)
  • Amazon Best Sellers Rank: #438,834 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
Obviouosly people either love this book (and this concept) or they hate it. I happen to love it and believe that the wave principle answers many questions about market behavior, mass social psychology and even world history. To me, the book does as much in constructing the tapestry of human history as it does in expaining stock market movements.
Anyone expecting to use this book to day-trade and get rich quick is likely to be dissappointed - no one but true experts should be day trading anyway and even many "experts" should probably find other lines of work.
What this book will do is begin to provide an understanding of markets as a function of human nature as well as to provide a very good long term perspective of all of human history. This book provides insight to explain everything from minor stock market corrections to protracted economic depressions to major world wars and even, believe it or not, the dark ages.
Many are critical of Prechter's (obviously wrong) bearish opinion through the 1990s, and rightfully so. On the other hand, if his hypothesis is correct (and I think it is) that we are approaching the end of a bull market that started in 1789, then calling the end of that bull market correctly within even ten years is a spectacular feat. (Yes, I said a bull market that started in "Seventeen Eighty-Nine". Read the book and begin to understand why the USA was born through revolution at the end of the 1700s.)
Let me also point out that Prechter was about the only voice calling for a tremendous bull market starting in 1982. At that time, the mainstream media was pronouncing equities "dead" and you could hardly give away a share of stock free with a bowl of soup.
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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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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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Format: Hardcover
This book is a must for anyone who believes that there is method to the stock market madness.I am a pharmacist with a scientific and mathematical background.This book explains the stock market in terms of elliott waves,in a similar way that writing is explainned by the alphabet.In essence it explains the relationship between the everyday variations and its relation to what is happenning today.It explains why the DOW is 10750 today and what the most likely scenario is for the next week,month,year.I like to get into it in a complicated way ,but it is not necessary to do so.Learning the alphabet(elliott wave pattern) is enough to allow anyone who can read and write to note whre the market is today and where it is likely to go.While the most obvious use is for stock market investing the education perhaps is even more important. The elliott wave theory says that all moves consist of 8 waves given symbols 1,2,3,4,5,a,b,c,.In a bull market 1,3,5 and b are moves upward and 2 4 a & c are downward moves.Therefore if you can workout which wave your stock is in you can predict its next move.Each 8 wave move is followed by another 8 wave move and every move is interelated.The dow appears to be in the start of wave a with a long and sharp decline in the near future. I have read the book twice and I need to read it again as it makes more sense each time.
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