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Elliott Wave Principle: Key To Market Behavior Hardcover – 2005
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Top Customer Reviews
Elliott Wave consists of 13 basic patterns. These patterns are formed by waves and/or market movements. If you can learned to recognize this patterns you can make a lot of money by been able to identify the next move.
Elliott wave analysis has rules and guidelines that will help you to know where to place your stop, how to recognize these patterns, how to make the correct wave count within these patterns, will give you the tools to predict price objectives and time frames for those price objectives, and a stop or a limit that will negate the whole thing if been wrong. The result is method that offers high probability trades that works the majority of the time if you are a discipline investor.
This book alone won't be enough to make you a great trader, but it would improve your trading dramatically. One tip, you need to learn to validate those wave counts and/or patterns by using several technical indicators that should show certain divergences in certain faces of those patterns and/or waves. The combination of Elliott Wave analysis with traditional Technical Analysis beats any other form of analysis you can possibly imagine.
In longer time frames, you need to combine those two with economic cycle theory. I like the Princeton Model. And see the charts and technical indicators in weekly or even monthly basis, and probably in logarithmic scale.
Some said that Robert Pretcher was wrong by calling the market top in 2000.Read more ›
So why did I give this book 3 stars? In my opinion, Prechter makes the subject more complicated than it has to be. At the very least, he runs the risk of alienating neophytes who will be overwhelmed with his descriptions and analysis and wonder how in the world they will ever make sense of markets from an Elliott Wave perspective. The challenge is that Elliott Wave is highly subjective which is why very few experts ever agree on wave counts and forecasts. Even Prechter himself, who is extremely generous of his time with anyone who shows a genuine interest in the subject, has enjoyed periods of great success punctuated by times when he was very wrong. For example, he warned subscribers in August and September 1987 that a top was forming in the Dow saving those who listened from getting caught in the big October drop. But then he wrote a brilliant but highly bearish article in December 2003 entitled A Developing Depression for Technical Analysis of Stocks & Commodities magazine which talked at length about the challenges US stock markets faced that in retrospect was the early stages of the 2003-2007 cyclical bull market.
I have come to the conclusion that while the behavioral observations of founder Ralph Nelson Elliott in the 1920s and beyond were brilliant, few since have truly mastered his brainchild due to the highly complex and subjective nature of applying it to markets.Read more ›
Most Recent Customer Reviews
Why did I buy this book when there are far to many easier methods to make money in the marketPublished 4 days ago by RH
If you like, or want to better understand the Elliott Wave Principle, this is the bible of the theory.Published 6 months ago by Racer Z
I can distinguish one wave from the next and properly count and label the waves now. Therefore the book worked for me.Published 10 months ago by D. Blanchard
For a serious investor and trader even for analysts this book this is blessing to understand market behavior and elliot wave theoryPublished 11 months ago by Kunal Takiar