- Paperback: 258 pages
- Publisher: New Classics Library; Tenth edition (February 25, 2005)
- Language: English
- ISBN-10: 1616040491
- ISBN-13: 978-1616040499
- Product Dimensions: 6 x 0.6 x 9 inches
- Shipping Weight: 1 pounds
- Average Customer Review: 150 customer reviews
- Amazon Best Sellers Rank: #1,066,351 in Books (See Top 100 in Books)
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Elliott Wave Principle - Key to Market Behavior: Key to Market Behavior Paperback – February 25, 2005
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About the Author
Robert R. Prechter, Jr., CMT, is founder and president of Elliott Wave International. He began his professional career in 1975 as a Technical Market Specialist with the Merrill Lynch Market Analysis Department in New York. Bob has been writing market commentary since 1976. He has been publishing The Elliott Wave Theorist, a monthly forecasting publication, since 1979. In 1984, Bob set a record in the options division of the U.S. Trading Championship with a real-money trading account. In December 1989, Financial News Network (now CNBC) named him "Guru of the Decade." Bob served for nine years on the national Board of the Market Technicians Association and in 1990-1991 served as its president. He has served on the board of the Foundation for the Study of Cycles and currently serves on the Advisory Panel of the MTA's Educational Foundation. During the 1990s, Bob expanded his firm to provide round-the-clock analysis on global financial markets. He has written 14 books on finance, beginning with Elliott Wave Principle in 1978, which forecast a 1920s-style stock market boom. His 2002 title, Conquer the Crash - You Can Survive and Prosper in a Deflationary Crash and Depression, which predicted the current debt crisis, was a New York Times best-seller. In 1999, Bob received the CSTA's 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. In 2008 and 2010, the Georgia legislature invited Bob to testify before its Joint Economic Committee regarding the state's developing real estate and budget crises. He has been named "one of the premier timers in stock market history" by Timer Digest,"the champion market forecaster" by Fortune magazine, "the world leader in Elliott Wave interpretation" by The Securities Institute, and "the nation's foremost proponent of the Elliott Wave method of forecasting" by The New York Times. Since 1979, when he first addressed the subject, Bob has been exploring socionomics, the study and prediction of social trends in light of the Wave Principle, and its implications for the social sciences. Prechter outlined this new approach to social science in Socionomics the Science of History and Social Prediction (1999-2003). This two-book set presents a theory of endogenously regulated social mood and its manifestation in social action. In 1999, he created the Socionomics Institute, of which he is Executive Director. The institute is an independent think-tank whose mission is to develop socionomics as an academic discipline and to promote its commercial application. In 2004, the Socionomics Foundation, a 501(c)3 non-profit organization, was created to provide education and fund scholarly investigation into socionomic theory. In 2007, The Journal of Behavioral Finance published "The Financial/Economic Dichotomy: A Socionomic Perspective," a paper on financial theory by Prechter and his colleague, Dr. Wayne Parker. Prechter has made presentations on socionomic theory to Oxford, Cambridge, Trinity, the London School of Economics, MIT, Georgia Tech, SUNY and academic conferences. He has served as a reviewer for academic journals devoted to economics and finance. Prechter recently created the Socionomics Institute, which is dedicated to explaining, researching and applying socionomics, and he funds the Socionomics Foundation, which supports academic research in the field. Prechter graduated from Yale University in 1971 with a degree in psychology. He served as the 21st president of the Market Technicians Association, and is a member of the Shakespeare Oxford Society and the Triple Nine Society. For more information, visit robertprechter.com.
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Elliot waves and the simplicity of the system makes it so anyone can understand a stock and how it moves. The Fibonacci system works with the Elliot wave to better understand and predict movements. I found the Elliot wave to be described quite well and how it works, but lacking information on Fibonacci system and how to utilize it best. I found after reading this book, studying Fibonacci sequence on the computer i understood the procedure of how to apply it which i was lacking.
I guess i found the Fibonacci to be more theoretically discussed and less practically discussed is my only critic!
I had to eventually get this book and see what the Elliott Wave Principle after watching some of the best traders I have seen on social media say this is a major component of what they do. For me this book was to broad and scattered for me to really grasp the concept of how to trade the wave patttern inside a trading system with risk management and proper position sizing on the right time frame.
This is more of a broad overview and guide of the principles of the Elliott Wave theory and not a how to manual. I do think it is a great place to start but there has to be better books out their on how to apply this to trading it in the real world.
The basics of the Elliot Wave Principle involves counting the peaks and troughs of waves exhibited in a time series chart of market data. After a number of peaks and troughs have been counted and categorized, a complete cycle is assumed, then the cycle starts again.
This could be a good indicator of whether a current trend will continue but like I mentioned in the first paragraph of this review, it might look good on paper but when new money is brought into the system, it all changes.