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1、ElliottWaveTheory1.General TheElliottWaveprinciplewasdiscoveredinthelate1920sbyRalphNelsonElliott.Hediscoveredthatstockmarketsdonotbehaveinachaoticmanner,butthatmarketsmoveinrepetitivecycles,whichreflecttheactionsandemotionsofhumanscausedbyexteriorinfluencesormasspsychology.Elliottcontended,
2、thattheebbandflowofmasspsychologyalwaysrevealeditselfinthesamerepetitivepatterns,whichsubdivideinsocalledwaves.InpartElliottbasedhisworkontheDowTheory,whichalsodefinespricemovementintermsofwaves,butElliottdiscoveredthefractalnatureofmarketaction.ThusElliottwasabletoanalysemarketsingreaterdepth,iden
3、tifyingthespecificcharacteristicsofwavepatternsandmakingdetailedmarketpredictionsbasedonthepatternshehadidentified.Fractalsaremathematicalstructures,whichonaneversmallerscaleinfinitelyrepeatthemselves.ThepatternsthatElliottdiscoveredarebuiltinthesameway.Animpulsivewave,whichgoeswiththemaintrend,alw
4、aysshowsfivewavesinitspattern.Onasmallerscale,withineachoftheimpulsivewavesofthebeforementionedimpulse,againfivewaveswillbefound.Inthissmallerpattern,thesamepatternrepeatsitselfadinfinitum(theseeversmallerpatternsarelabeledasdifferentwavedegreesintheElliottWavePrinciple)2.BasicTheory Accordi
5、ngtophysicallaw:"Everyactioncreatesanequalandoppositereaction".Thesamegoesforthefinancialmarkets.Apricemovementupordownmustbefollowedbyacontrarymovement,asthesayinggoes:"Whatgoesupmustcomedown"(andviceversa).Pricemovementscanbedividedintotrendsontheonehandandcorrectionsorsidewaysmovementsontheother
6、hand.Trendsshowthemaindirectionofprices,whilecorrectionsmoveagainstthetrend.InElliottterminologythesearecalledImpulsivewavesandCorrectivewaves.TheImpulsewaveformationhasfivedistinctpricemovements,threeinthedirectionofthetrend(I,III,andV)andtwoagainstthetrend(IIandIV).Obviouslythethreewavesinthedire
7、ctionofthetrendareimpulsesandthereforethesewavesalsohavefivewaves.Thewavesagainstthetrendarecorrectionsandarecomposedofthreewaves.Thecorrectivewaveformationnormallyhasthree,insomecasesfiveormoredistinctpric
