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Ralph Nelson Elliott (28 July 1871 – 15 January 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.
The Elliott wave principle, or Elliott wave theory, is a form of technical analysis that helps financial traders analyze market cycles and forecast market trends by identifying extremes in investor psychology and price levels, such as highs and lows, by looking for patterns in prices.
The force index (FI) is an indicator used in technical analysis to illustrate how strong the actual buying or selling pressure is. High positive values mean there is a strong rising trend, and low values signify a strong downward trend.
During 2006–2007 the Dow Jones Industrial Average reached a new all-time high, which has been interpreted by some Elliott Wave analysts as indicating that 2000–2002 was not the beginning of a Grand Supercycle bear market. However, as this new high was merely a nominal new high in US dollars, and not a new high when measured in ounces of ...
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In 1979 Prechter left Merrill Lynch and published the first subscription issue of the Elliott Wave Theorist.The 1970s had been very bullish years in the gold market but mostly bearish for stocks, yet his Elliott wave analysis called for a long-term reversal lower in gold (February 1980) [5] [14] and a long-term "super bull market underway" in stocks (October 1982).
An OHLC chart, with a moving average and Bollinger bands superimposed. An open-high-low-close chart (OHLC) is a type of chart typically used in technical analysis to illustrate movements in the price of a financial instrument over time. Each vertical line on the chart shows the price range (the highest and lowest prices) over one unit of time ...