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Chapter 16, Part I. Elliot Wave Theory.

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Sep 13, 2011.

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  1. Administrator

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    Part I. Elliot Wave Theory. [​IMG]
    Commander in Pips: Today we shift to something absolutely different from the classical approach to technical analysis. This will let you to see how many fold ways of market analysis are. And who knows, possibly this will become your favorite approach to dealing with markets. I’m speaking about Elliot Wave Theory.

    Pipruit: I hope you’re not speaking about electromagnetic waves.​


    [​IMG]
    Commander in Pips: Absolutely not. But before our conversation, I want to warn you that we can’t cover this topic totally and with huge details. The point is that applying of this approach is rather sophisticated and demands a lot of hard work to learn multiple, if not say numerous nuances. One of the widely avowed specialists on EW (Elliot Wave theory) is Glen Neely with his book “Mastering Elliot Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliott Wave Theory”. That book contains about 220 pages. As you understand we can’t cover such a level of detail in our school. But don’t worry – we will appoint all basic principles and crucial rules for applying Elliot Wave theory. So you will be able to understand what this theory all about and how it works. Also, as usual, we will show some examples with charts.

    Pipruit: Well, I think that it should be enough. If I find myself interested in EW, I will be able to find some books and learn it with more scrutiny, right?
    Commander in Pips: Sure. So let’s start with some introduction. All this stuff has begun in 1920s-30s. Mr. Ralph Nelson Elliot (1871-1948), was an accountant and business executive of a Railroad Company that worked in Mexico and Central America. In 1929 he was forced to retire due to serious physical malady. Mostly due this event he has turned to investigation of Dow Jones Index historical data for the previous 75 years.
     
    #1 Administrator, Sep 13, 2011
    Lasted edited by : Apr 10, 2016
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