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Title: Elliott wave principle : key to stock market profits by A. J. Frost ISBN: 0-932750-00-1 Publisher: New Classics Library Pub. Date: 1978 Format: Unknown Binding

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Average Customer Rating: 3.37 (19 reviews)

Rating: 4
Summary: Great Foundation
Comment: This is the basic "Bible" of Elliott Wave Theory. I found this book when I was checking out www.wavespeak.com and it helped out with all the terminology associated with EWT. If your looking for a proven trading stategy, buy this book and check out Wavespeak.com.

Rating: 3
Summary: Interesting material if you believe in technical analysis
Comment: I will avoid a long discussion about stock market efficiency and the efficacy of simple technical analysis, and point you in the direction of Malkiel's A Random Walk Down Wall Street. I would suggest further readings if you want to delve into the academic debate behind it.

That being said Prechters's book offers a basic guide into the fundamentals of Eliiot Wave analysis. The principles of the analysis are the belief that there is information to be gained from the price action of stocks (e.g. the implict information of transactions by traders) and that there is a natural flow to these price movements (e.g. stocks don't go up in one direction).

In incorporating price information, the belief is that stocks move in a 5-wave impulsive pattern, which can be either bullish (up) or bearish (down). A 5-wave move is followed by a 3-wave corrective pattern. Larger cycles are basically an aggregation of many 5- and 3-wave patterns. If believed to be true, the practical benefit of understanding waves and cycles is that investors can use this information to identify "where" they are in the cycle of a stock's movement.

The book follows the basics of identifying waves and cycles with some historical and matehmatical background information. This is where Pretcher ties the material in with nature. He believes that waves move in a natural way, which can be described by the Fibonacci sequence and Fibonacci ratios. He advocates using Fibonnaci ratios to forecast the distance (e.g. percent change) and timing of stock price movements. I found this material to be the most informative since it provided background reading on Fibonacci numbers which many technical traders employ in the various tools they use. Now I know what they are talking about.

The rest of the book can be skipped. It is primarily an application of Elliot Wave to various historical contexts. Of course, Pretcher draws on examples that fit nicely with the belief that Elliot Wave has strong predictive abilities. If I recall correctly, the author does close the book with his predictions for the stock market and did correctly predict a long-term bullish Wave 5 coming out of 1982-83.

Rating: 5
Summary: A "must have" book for Elliotticians
Comment: This book is the easiest to read, most direct and to the point book that is solely on Elliott Wave. It tells all the possible moves, how they happen, and why. The book also goes into the very necessary explanation of Fibonacci and time relationships with regard to price. Many gold nuggets of information contained within this book; it is the most simple, complete Elliott Wave book you can get.

But the biggest problem is...most people just don't "get it"... Elliott Wave and Elliott's findings are SO MUCH MORE than the financial markets. The fundamental discoveries that govern the Wave Principle and thus the behavior of the financial markets are the very same fundamental forces at work throughout the entire universe. When you have a deep understanding of the Wave Principle, Socionomics, and science in general, you can begin to see how everything around us all ties together to form this awesome grand scheme of life and existance. A deep understanding of Elliott Wave and Fibonacci is the key to opening a whole new world of knowledge, application, and the birth of a new science.