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Background
 Ralph Nelson Elliott) (1871 - 1948) studied
  the wave phenomena of the US stock
  market in 1934
 Published the “Wave Principle “ in 1938
 Published the “Nature Law” in 1942
 In 1970s, Robert Prechter, Jr. made Elliott
  Wave Theory popular in the investing
  communities

                                                2
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Theory Outline
     Market fluctuations due to:
       Impulse Wave
       Corrective Wave
     Impulse wave
       follows the trend
       composes of 5 sub-waves
     Corrective wave
       moves against the trend
       Composes of 3 sub-waves
     Waves within waves
                                    3
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                                                                   (5) 5
 Waves within                                              3               2
 Waves       (3) 5
                                                                                               (b) c
                                                   1
                                               b               4       1           4       a
                                  3                                                                        2
                                                                               3
                                           a           2
                                                                                               b                   4
                                                                                   (a) 5               1
                          1
              (1) 5                   4        (4) c
                                                                                                               3
          3           b
                              2                                                                                    (c) 5
  1               a                       By counting waves in the long
              4                           term to short term charts,
                      (2) c               forecasting can be made
      2
                                                                                                                           4
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Time / Price Structure of
Financial Markets
   Fluctuations according to:
     the Fibonacci Number Series
     Fractal Structure
     Non-linearity
     Asymmetry




                                    5
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Wave Counting Principle
   2nd wave should not exceed the beginning
    of 1st wave
   3rd wave should not be the shortest
    among 1st, 3rd and 5th wave
   No overlapping between 4th and 2nd wave
    (with exception in diagonal triangle)
   Rule of alteration – 2nd and 4th waves take
    different wave forms
                                                  6
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 End of 2nd wave should not exceed
 the beginning of 1st wave
                  5


          3               1



  1
                              2
              4




      2   Wrong          Correct
                                     7
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 3rd wave                                          5

 should not be                3
 the shortest     1
                                        4
 among 1st, 3rd
                          2                         Wrong
 and 5th wave
                                                   (iii)


                                  (i)
                      1
                                            (ii)
                              2
                                                    Correct
                                                              8
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 4th wave                                    5

 should not                 3

 overlap with   1

 the 2nd                              4           Wrong
 wave               2

 (except for                                     (iii)

 diagonal                       (i)

 triangle)          1

                                          (ii)
                        2
                                                   Correct

                                                             9
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 Rule of                                     5

 Alteration –               3

 2nd and 4th                                Correct
 wave take      1
                                    4
 different                                   5
                        2
 forms
                                3


                    1                   4


                                            Correct
                            2


                                                      10
acrotec.com

 3 Wave Forms in Impulse Wave (1)
   Extension –
     One of the 1st , 3rd and 5th wave will extend
      conspicuously
     3rd wave would not be the shortest among
      1st, 3rd and 5th wave




                                                      11
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  1st wave                3rd wave            5th wave
  extension           5   extension       5   extension       5


              3
                                  3


                  4                   4
      1                                               3


                          1
          2                                               4
                                              1
                              2

                                                  2

                                                                  12
acrotec.com

3 Wave Forms in Impulse Wave (2)
    Diagonal triangle –
      Wave structure in upward or downward diagonal
         triangle
        In a form of contracting or expanding triangle
        The sub-waves in the diagonal triangle take the
         structure of 3-3-3-3-3
        If diagonal triangle appears at the 1st wave, it
         will take the structure of 5-3-5-3-5
        The 2nd and the 4th sub-wave will overlap

                                                            13
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 Contracting            Expanding
 diagonal               diagonal
 Triangular         5   triangular       5
 5th wave               5th wave
            3                    3



                4                    4
    1                    1



        2                    2




                                             14
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Contracting             5
                            Expanding                5
diagonal                    diagonal
                                             3
triangular      3           triangular
1st wave                    1st wave
                    4                1           4
        1



            2                            2




                                                         15
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3 Wave Forms in Impulse Wave (3)

  5th wave extension –
    5th wave failed to exceed the 3rd wave end
    5th wave takes a structure of 5-3-5-3-5
    failure to have the momentum to breath into
     new high / low before reversal




                                                   16
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 Upward 5th wave         Downward 5th wave
 failure                 failure
             3       5

                                2



                 4          1
     1                                  4



         2
                                    3       5


                                                17
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Corrective Wave Structure
     4 simple structures in corrective wave
       Zig-Zag
       Flat
       Irregular
       Horizontal Triangle
     2 complex structures in corrective wave
       Double Three
       Triple Three


                                                18
acrotec.com
 Zig Zag (5-3-5)

                         (ii)
                                             bc
          b        (i)           (iv)    a

                                                  (ii)
                         (iii)
      a                                  b
                                 a (i)        (i)        (iv)



                                                     (iii)

              c                                              c (v)



                                                                     19
acrotec.com

 Flat (3-3-5)

            b                        bc

                        b    a            (ii)


                                      (i)        (iv)
                    a            b

       a                    ac
                                             (iii)

                c                                       c (v)



                                                                20
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Irregular (3-3-5)

            b                        bc

                        b    a            (ii)


                                      (i)        (iv)
                                 b
                    a
       a                    ac
                                             (iii)

                c                                       c (v)



                                                                21
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Horizontal Triangle (3-3-3-3-3)
                          b                           b
                                      d                           d
Contracting
horizontal
triangle                                  e                           e
                              c
                                                          c
              a
                                                  a           d
                                  d                   b
                      b
Expanding
horizontal
triangle          a

                              c                   a       c
                                              e                           e
                                                                              22
acrotec.com
 Double-three
                                                       x                              b
                         b




             a           bc                c                             a                                 c
                                                           xc
                                                                 (ii)
         b       a             (ii)
                                                  a        (i)           (iv)    a bc
                             (i)      (iv)
     a               b                                                                      (ii)
                                                                 (iii)
                                                       b                          b
             ac                                                          a (i)            (i)      (iv)
                                   (iii)
                                                                                                   (iii)
                                               c (v)                                                       c (v)

                                                                                                                   23
acrotec.com
 Triple-three
                                                                                            x                b
                  b                               x                     b




          a                            c                        a                   c               a                       c
                  bc                                                                                        bc

                                                 xc                                     xc              a
                                                      (ii)                                                       (ii)
     b    a              (ii)                                                                   b
                                                  (i)              bc                                                   (iv)
                                       a
                       (i)      (iv)                         (iv) a                                         b (i)
 a            b                                                             (ii) a          a
                                                        (iii)                                   ac
                                                                    b         (iv)
         ac                                  b                                          b                           (iii)
                             (iii)                           a (i) (i)
                                                                            (iii)                                       c (v)
                                     c (v)                                          c (v)
                                                                                                                                24
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  Elliott Channel (1)




     1




          2



                        25
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 Elliott Channel (2)




      1




            2




                       26
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                      3

Elliott Channel (3)


                          4


      1




           2

                              27
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Elliott Channel (4)           5


                      3




       1                  4




           2

                                  28
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                                           3?

Elliott Channel (5)

                                   1


                   (1) 5

           3               b           2

                       a
   1           4           (2) c



       2

                                                29
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                                                  (3) 5


Elliott Channel (6)                           3




                                      1            4

                      (1) 5

              3               b           2

                          a
      1           4           (2) c



          2
                                                          30
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                                                           (5) 5?
Elliott Channel (7)                        (3) 5

                                                   b
                                       3
                                               a

                               1           4
               (1) 5                               (4) c
           3
                       b           2

                   a
   1           4
                       (2) c

       2

                                                                    31
acrotec.com                                                        (5) 5

                                                                   3
Elliott Channel (8)
                                           (3) 5
                                                           1           4
                                                   b
                                       3
                                               a               2

                               1           4
               (1) 5                               (4) c
           3
                       b           2

                   a
   1           4
                       (2) c

       2
                                                                           32
acrotec.com                                                         (5) 5


Elliott Channel (9)                                         3               2


                                        (3) 5
                                                    1                           4
                                                b               4      1

                                    3
                                            a                               3
                                                        2
                            1
                (1) 5                   4       (4) c                       (a) 5

        3               b
                                2
                    a
    1
            4
                        (2) c

    2                                                                               33
acrotec.com                                                         (5) 5


Elliott Channel (10)                                        3               2
                                                                                            (b) c

                                        (3) 5                                       a
                                                    1                           4
                                                b               4      1

                                    3
                                            a                               3
                                                        2
                                                                                        b
                            1
                (1) 5                   4       (4) c                       (a) 5

        3               b
                                2
                    a
   1
            4
                        (2) c

    2                                                                                               34
acrotec.com
                                                                  (5) 5


Elliott Channel (11)                                      3               2
                                                                                          (b) c

                                      (3) 5                                       a
                                                  1                           4
                                              b               4      1                            2
                                  3
                                          a                               3
                                                      2                                               4
                                                                                      b     1
                          1
              (1) 5                   4       (4) c                       (a) 5
                                                                                                  3
      3               b
                              2                                                                       (c) 5
                  a
 1
          4
                      (2) c

  2                                                                                                           35
acrotec.com
         Item        Details
         Book Name   Elliott Wave Principle: Key to Market
                     Behavior
         Author      Robert Prechter and A.J. Frost
         Contents    The basic tenets of wave theory
                     The rules and guidelines of wave analysis
                     The scientific background of the Wave
                     Principle and Long term waves

         Item        Details
         Book Name   R. N. Elliott's Masterworks: The Definitive
                     Collection
         Editor      Robert Prechter, Jr.
         Contents    "The Wave Principle" (1938)
                     The Financial World articles (1939)
                     Nature's Law -- The Secret of the Universe
                     (1946)
                                                                   36
Elliott-wave

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Elliott-wave

  • 2. acrotec.com Background  Ralph Nelson Elliott) (1871 - 1948) studied the wave phenomena of the US stock market in 1934  Published the “Wave Principle “ in 1938  Published the “Nature Law” in 1942  In 1970s, Robert Prechter, Jr. made Elliott Wave Theory popular in the investing communities 2
  • 3. acrotec.com Theory Outline  Market fluctuations due to:  Impulse Wave  Corrective Wave  Impulse wave  follows the trend  composes of 5 sub-waves  Corrective wave  moves against the trend  Composes of 3 sub-waves  Waves within waves 3
  • 4. acrotec.com (5) 5 Waves within 3 2 Waves (3) 5 (b) c 1 b 4 1 4 a 3 2 3 a 2 b 4 (a) 5 1 1 (1) 5 4 (4) c 3 3 b 2 (c) 5 1 a By counting waves in the long 4 term to short term charts, (2) c forecasting can be made 2 4
  • 5. acrotec.com Time / Price Structure of Financial Markets  Fluctuations according to:  the Fibonacci Number Series  Fractal Structure  Non-linearity  Asymmetry 5
  • 6. acrotec.com Wave Counting Principle  2nd wave should not exceed the beginning of 1st wave  3rd wave should not be the shortest among 1st, 3rd and 5th wave  No overlapping between 4th and 2nd wave (with exception in diagonal triangle)  Rule of alteration – 2nd and 4th waves take different wave forms 6
  • 7. acrotec.com End of 2nd wave should not exceed the beginning of 1st wave 5 3 1 1 2 4 2 Wrong Correct 7
  • 8. acrotec.com 3rd wave 5 should not be 3 the shortest 1 4 among 1st, 3rd 2 Wrong and 5th wave (iii) (i) 1 (ii) 2 Correct 8
  • 9. acrotec.com 4th wave 5 should not 3 overlap with 1 the 2nd 4 Wrong wave 2 (except for (iii) diagonal (i) triangle) 1 (ii) 2 Correct 9
  • 10. acrotec.com Rule of 5 Alteration – 3 2nd and 4th Correct wave take 1 4 different 5 2 forms 3 1 4 Correct 2 10
  • 11. acrotec.com 3 Wave Forms in Impulse Wave (1)  Extension –  One of the 1st , 3rd and 5th wave will extend conspicuously  3rd wave would not be the shortest among 1st, 3rd and 5th wave 11
  • 12. acrotec.com 1st wave 3rd wave 5th wave extension 5 extension 5 extension 5 3 3 4 4 1 3 1 2 4 1 2 2 12
  • 13. acrotec.com 3 Wave Forms in Impulse Wave (2)  Diagonal triangle –  Wave structure in upward or downward diagonal triangle  In a form of contracting or expanding triangle  The sub-waves in the diagonal triangle take the structure of 3-3-3-3-3  If diagonal triangle appears at the 1st wave, it will take the structure of 5-3-5-3-5  The 2nd and the 4th sub-wave will overlap 13
  • 14. acrotec.com Contracting Expanding diagonal diagonal Triangular 5 triangular 5 5th wave 5th wave 3 3 4 4 1 1 2 2 14
  • 15. acrotec.com Contracting 5 Expanding 5 diagonal diagonal 3 triangular 3 triangular 1st wave 1st wave 4 1 4 1 2 2 15
  • 16. acrotec.com 3 Wave Forms in Impulse Wave (3)  5th wave extension –  5th wave failed to exceed the 3rd wave end  5th wave takes a structure of 5-3-5-3-5  failure to have the momentum to breath into new high / low before reversal 16
  • 17. acrotec.com Upward 5th wave Downward 5th wave failure failure 3 5 2 4 1 1 4 2 3 5 17
  • 18. acrotec.com Corrective Wave Structure  4 simple structures in corrective wave  Zig-Zag  Flat  Irregular  Horizontal Triangle  2 complex structures in corrective wave  Double Three  Triple Three 18
  • 19. acrotec.com Zig Zag (5-3-5) (ii) bc b (i) (iv) a (ii) (iii) a b a (i) (i) (iv) (iii) c c (v) 19
  • 20. acrotec.com Flat (3-3-5) b bc b a (ii) (i) (iv) a b a ac (iii) c c (v) 20
  • 21. acrotec.com Irregular (3-3-5) b bc b a (ii) (i) (iv) b a a ac (iii) c c (v) 21
  • 22. acrotec.com Horizontal Triangle (3-3-3-3-3) b b d d Contracting horizontal triangle e e c c a a d d b b Expanding horizontal triangle a c a c e e 22
  • 23. acrotec.com Double-three x b b a bc c a c xc (ii) b a (ii) a (i) (iv) a bc (i) (iv) a b (ii) (iii) b b ac a (i) (i) (iv) (iii) (iii) c (v) c (v) 23
  • 24. acrotec.com Triple-three x b b x b a c a c a c bc bc xc xc a (ii) (ii) b a (ii) b (i) bc (iv) a (i) (iv) (iv) a b (i) a b (ii) a a (iii) ac b (iv) ac b b (iii) (iii) a (i) (i) (iii) c (v) c (v) c (v) 24
  • 25. acrotec.com Elliott Channel (1) 1 2 25
  • 27. acrotec.com 3 Elliott Channel (3) 4 1 2 27
  • 29. acrotec.com 3? Elliott Channel (5) 1 (1) 5 3 b 2 a 1 4 (2) c 2 29
  • 30. acrotec.com (3) 5 Elliott Channel (6) 3 1 4 (1) 5 3 b 2 a 1 4 (2) c 2 30
  • 31. acrotec.com (5) 5? Elliott Channel (7) (3) 5 b 3 a 1 4 (1) 5 (4) c 3 b 2 a 1 4 (2) c 2 31
  • 32. acrotec.com (5) 5 3 Elliott Channel (8) (3) 5 1 4 b 3 a 2 1 4 (1) 5 (4) c 3 b 2 a 1 4 (2) c 2 32
  • 33. acrotec.com (5) 5 Elliott Channel (9) 3 2 (3) 5 1 4 b 4 1 3 a 3 2 1 (1) 5 4 (4) c (a) 5 3 b 2 a 1 4 (2) c 2 33
  • 34. acrotec.com (5) 5 Elliott Channel (10) 3 2 (b) c (3) 5 a 1 4 b 4 1 3 a 3 2 b 1 (1) 5 4 (4) c (a) 5 3 b 2 a 1 4 (2) c 2 34
  • 35. acrotec.com (5) 5 Elliott Channel (11) 3 2 (b) c (3) 5 a 1 4 b 4 1 2 3 a 3 2 4 b 1 1 (1) 5 4 (4) c (a) 5 3 3 b 2 (c) 5 a 1 4 (2) c 2 35
  • 36. acrotec.com Item Details Book Name Elliott Wave Principle: Key to Market Behavior Author Robert Prechter and A.J. Frost Contents The basic tenets of wave theory The rules and guidelines of wave analysis The scientific background of the Wave Principle and Long term waves Item Details Book Name R. N. Elliott's Masterworks: The Definitive Collection Editor Robert Prechter, Jr. Contents "The Wave Principle" (1938) The Financial World articles (1939) Nature's Law -- The Secret of the Universe (1946) 36