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1、Lesson1:IntroductiontotheWavePrincipleInTheElliottWavePrinciple—ACriticalAppraisal,HamiltonBoltonmadethisopeningstatement:Aswehaveadvancedthroughsomeofthemostunpredictableeconomicclimateimaginable,coveringdepression,majorwar,andpostwarreconstructionandboom,IhavenotedhowwellElliott
2、'sWavePrinciplehasfittedintothefactsoflifeastheyhavedeveloped,andhaveaccordinglygainedmoreconfidencethatthisPrinciplehasagoodquotientofbasicvalue."TheWavePrinciple"isRalphNelsonElliott'sdiscoverythatsocial,orcrowd,behaviortrendsandreversesinrecognizablepatterns.Usingstockmarketdat
3、aashismainresearchtool,Elliottdiscoveredthattheever-changingpathofstockmarketpricesrevealsastructuraldesignthatinturnreflectsabasicharmonyfoundinnature.Fromthisdiscovery,hedevelopedarationalsystemofmarketanalysis.Elliottisolatedthirteenpatternsofmovement,or"waves,"thatrecurinmarke
4、tpricedataandarerepetitiveinform,butarenotnecessarilyrepetitiveintimeoramplitude.Henamed,definedandillustratedthepatterns.Hethendescribedhowthesestructureslinktogethertoformlargerversionsofthosesamepatterns,howtheyinturnlinktoformidenticalpatternsofthenextlargersize,andsoon.Inanut
5、shell,then,theWavePrincipleisacatalogofpricepatternsandanexplanationofwheretheseformsarelikelytooccurintheoverallpathofmarketdevelopment.Elliott'sdescriptionsconstituteasetofempiricallyderivedrulesandguidelinesforinterpretingmarketaction.ElliottclaimedpredictivevalueforTheWavePrin
6、ciple,whichnowbearsthename,"TheElliottWavePrinciple."Althoughitisthebestforecastingtoolinexistence,theWavePrincipleisnotprimarilyaforecastingtool;itisadetaileddescriptionofhowmarketsbehave.Nevertheless,thatdescriptiondoesimpartanimmenseamountofknowledgeaboutthemarket'spositionwith
7、inthebehavioralcontinuumandthereforeaboutitsprobableensuingpath.TheprimaryvalueoftheWavePrincipleisthatitprovidesacontextformarketanalysis.Thiscontextprovidesbothabasisfordisciplinedthinkingandaperspectiveonthemarket'sgeneralpositionandoutlook.Attimes,itsaccuracyinidentifying,ande
8、venanticipating,changesindirectio
