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The stock markets: some theories and tec... > Is there any evidence that technical... - Pg. 157
7 O The stock markets 157 The Elliott wave The Elliott wave theory was invented by an American accountant named Ralph Elliott who, like all good technical analysts, believed that you could spot recurring patterns in the stock market. Figure 7.4 shows a schematic Elliott wave. Basic Elliott wave cycle Wave 5 Wave A Wave C Wave B Wave 3 Wave 4 Wave 1 Wave 2
