Introduction
The Elliott Wave Theory is a form of technical analysis that aims to identify price patterns related to changes in investor sentiment and psychology. The theory identifies impulse waves that establish a pattern and corrective waves that oppose the overall trend.
This theory was developed by Ralph Nelson Elliott in the 1930s. He studied 75 years of annual, monthly, weekly, daily, and hourly charts across various indices. The theory gained prominence in 1935 when Elliott made an accurate prediction of a stock market bottom.
Who was Ralph Nelson Elliott?
Ralph Nelson Elliott (July 28, 1871 - January 15, 1948) was an American accountant and author whose study of stock market data led him to develop the Wave Principle, a description of the cyclical nature of trader psychology and a form of technical analysis. He was born in Marysville, Kansas, and later moved to San Antonio, Texas.
Elliott entered the field of accounting in the 1890s and primarily worked in executive positions for railway companies in Central America and Mexico. In 1924, the United States Department of State appointed Elliott to the position of Chief Accountant of Nicaragua, which was under American control at the time.
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