Tuesday, February 5, 2008

Elliott wave principle

Briefly, Elliott theorized that all major market moves could be described by a five-wave series. The classic Elliott Wave series would consist of an initial wave up, a second wave down (often retracing 61.8% of the initial move up), then the third wave (usually the largest) up again, then another retracement, and finally the fifth wave, the last gasp, which would exhaust the movement. He described all sorts of Fibonacci relationships which could occur among these waves.

http://www.luckymojo.com/fibonaccimkt.html
http://en.wikipedia.org/wiki/Elliott_wave_principle

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