Learn more Still the best way to learn the Wave Principle First published in , Elliott Wave Principle is the definitive text designed to help the Elliott wave novice and veteran practitioner alike. This book will teach you the rules and guidelines of the Wave Principle and help you understand how to apply it to any financial market. In Europe, Asia and the Americas, literally millions of investors worldwide use or recognize the Elliott Wave method as the road map for how markets behave. The scientific background of the Wave Principle: How you can see it in nature and the universe, in art and mathematics, even in the shape of the human body. Understanding these monumental trends will help you position yourself for long-term profit and protection. Stocks, commodities and gold: The Wave Principle is your guide to the movements of any financial market.
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Start your review of Elliott Wave Principle: Key to Market Behavior Write a review Jan 18, Ian Robertson rated it liked it "The stock market is not a random, formless mess reacting to current news events but a remarkably precise recording of the formal structure of the progress of man" page Authors Frost and Prechter certainly deliver on their second point, presenting clearly and in concise chapters: the broad concept; guidelines to wave formation; the historical and "The stock market is not a random, formless mess reacting to current news events but a remarkably precise recording of the formal structure of the progress of man" page Authors Frost and Prechter certainly deliver on their second point, presenting clearly and in concise chapters: the broad concept; guidelines to wave formation; the historical and mathematical background; ratio analysis and Fibonacci time sequences a most interesting section ; long term waves Millennium waves, grand super cycles etc.
Because the book was originally written more than 30 years ago, the contemporary charts and examples are now dated, but the forecasts of then still distant market behaviour "investor mass psychology should reach manic proportions", with a a Kondratieff wave inspired crash around the Millennium!
Unfortunately the excellent writing is undercut by a fatal flaw -- there seems to be little evidence to support the work. Sweeping statements to support theories also lack empirical backing. For example, introducing the year cycle of Kondratieff waves, the authors cite similar waves in Israelite and Mayan civilizations, but the brief reference leaves readers wondering whether these two civilization actually had such cycles, and if so, why those civilizations and not others.
Compared to the excellent and theoretically robust work by Minsky on the behaviour of markets and economies driven by human nature, but unpredictable and unstable and even the more straightforward but well documented work of Jeremy Siegel Stocks for the Long Run or Dimson et al Triumph of the Optimists for the upwards trajectory of stocks in the long run, this work is very weak.
At best it demonstrates a correlation, not cause and effect "a precise recording of the history of man? The data is mined with precision and thankfully, as few actually follow it, with little environmental impact. In a concluding irony given their dismissal of fundamental analysis, the authors try to confirm their theory of patterns by noting the relative valuations of the market at different times undervalued or overvalued.
Most analysts would start with the fundamental and skip the charts. Those who are Elliot Wave adherents will undoubtedly have read this book already and enjoyed it. Those interested in this particular segment of markets history or in technical analysis can read this book, but it will be of little interest or use to the average investor.
This book was so hard to understand and grasp. I started reading this book excited to learn about Elliott Wave Principle. In the first few chapters, the books starts off stating "if you are not an analyst skip through these chapters and go to chapter 3". Which ended up being figures, numbers and historical data which I found hard to piece together and irrelevant most of the time. Now that I have finished this I struggled through this book.
Still the best way to learn the Wave Principle
Elliott Wave Principle: Key to Market Behavior
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