![]() There are five waves in the direction of the main trend followed by three corrective waves (a "5-3" move).The basic concepts of the Elliott Wave Theory are listed below. The underlying forces behind the Elliott Wave Theory are of building up and tearing down. Frost collaborated to write the book Elliott Wave Principle. This was the first significant work since Elliott's passing. In 1960, Bolton wrote Elliott Wave Principle-A Critical Appraisal. During the 1950s and 1960s (after Elliott's passing), his work was advanced by Hamilton Bolton. ![]() Collins, Elliott's ideas received the attention of Wall Street in a series of articles published in Financial World magazine in 1939. In fact, Elliott believed that all of man's activities, not just the stock market, were influenced by these identifiable series of waves. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves. The Elliott Wave Theory is named after Ralph Nelson Elliott.
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