PRACTICAL APPLICATIONS AND IN MODERN FOREIGN
PRACTICAL APPLICATIONS ANDLIMITATIOISIS OF ELLIOTT WAVE PRINCIPLEIN MODERN FOREIGN EXCHANGE MARKETSbyCHIU MAN-CHEONG趙文昌“andLO KIN-CHUNG趙健，昌MBA PROJECT REPORTPresentedtoThe Graduate SchoolIn P a r t i a lFulfilmentof the Requirements f o r the Degree ofMASTER OF BUSINESS ADMINISTRATIONTHREE-YEAR MBA PROGRAMMETHE CHINESE UNIVERSITY OF HONG KONGMay 1994
· '".'APPROVALNameChiu Man-CheongLo Kin-ChungDegreeMaster of Business AdministrationTitle of Project:Practical Applications and LimitationsofElliottWavePrincipleForeign Exchange MarketDate Approved:in Modern
iiiABSTRACTElliott Wave Principle is widely used as a technical toolin financial market analysis nowadays, but very few studieshavebee done to assess its effectiveness in predictingfluctuations in the market.This study derives some simpletrade plans to assess the affectiveness of Elliott Wave.Historical data for the DEM/USD foreign exchange marketfrom 1985 to 1994 is used in the study.1985to1989isusedtoThe data betweenestablish waverelationships,whereas data from 1989 is used for the simulated trading.The results indicate a high rate of return compared tootherformofinvestments,limitationsoftheElliott Wave - isantradedespiteplans.effective tooltheThesimplicityresultsandsuggestin predicting pricemovement in foreign exchange itations of Elliott Wave Principle are also discussed.
ivTABLE OF CONTENTSABSTRACTiiiTABLE OF 1.LITERATURE REVIEW4VariationsRatio AnalysisApplications on Real MarketsIll.METHODOLOGYWave CountingFibonacci TargetsData SourceA Note on NotationsIV.RATIO ANALYSISFibonacci RelationshipsResults of Ratio AnalysisWave 2Wave 3Wave 4Wave 5Summary of ResultsV.FORMULATION OF TRADE PLANS ANDRESULTS OF SIMULATED TRADINGFormulation of Trade PlansTrade Plan No. 1Pre-conditions of TradeTrade InitiationCut-loss MechanismProfit TakingTrade Plan No. 2Pre-conditions of TradeTrade InitiationCut-loss MechanismProfit Taking PointTrade Opportunities 242434446
vVI.Trade Case 1Pre-conditionsTrade InitiationProfit-taking/Cut-lossTrade Case 2Pre-conditionsTrade InitiationProfit-taking/Cut-lossTrade Case 5Pre-conditionsTrade InitiationProfit-taking/Cut-lossResults of Simulated TradeDiscussions on Simulated Trading5252525354545556575758585962WAVE ANALYSIS AND MARKET PERSPECTIVES65Analysis of the Broadest SwingPhase 1 Price MovementPhase 2 Price MovementFuture Market PerspectivesVII.DISCUSSIONSExperience in Wave CountingLimitations of Elliott WavePractical A-11.RESULTS OF RATIO ANALYSISA-22 DETAILS OF SIMULATED TRADINGA-3BIBLIOGRAPHYB-1
viACKNOWLEDGEMENTThe authors would like to express sincere thanks to theirsupervisqr, Mr. Denis Wang, for his invaluable guidance andsupport in this project.insightfulthoughtsMr. Wang has also provided manywhichcontents of this study.havegreatlyenrichedthe
1CHAPTER · IINTRODUCTIONThe financial markets have grown very rapidly in recentyears.The high rate of growth is observed in both thevolume and diversity of trade.The world financial marketkeep soaking up an ever-growing amount of capital, whilethe number of investment products also keeps growing at avery fast rate throughout the world.Today's financialmarket comprises of many different market segments, just toname a few:future,bonds,future etc.madetheindex future,index option,interest future,commodityforex spot market,forexThis rapid growth in volume and diversity tsmoreandmoreThis increase in complexity has led to a wever,thetofacilitateeffectivenesstheoftechnical analysis tools has always been a controversialsubject.On the other hand, there is a general consensus,among traders that while use of technical analysis alone isnever sufficient to predict the exact market movement atall times,it is an indispensable tool for market analysis.
2OneofthemostrenownedElliott Wave Principle.developed by R. N.technicalanalysistoolsisElliott Wave Principle was firstElliott when he published a series ofarticles in Financial World magazine in the 1930's.Thetheory was subsequently enhanced and promoted by a numberof famous writers including Robert Prechter, A. J. Frost,Robert Beckman, Robert Balan, Glenn Neely and many others.The fame of the Elliott Wave Principle was developed bymarket analysts and traders who performed remarkably wellin market forecast by using Elliott Wave.bepointedoutthatElliottobjective scientific tool.WaveHowever, it mustPrincipleisnotanThe application of the wave-counting principles inherently requires a lot of sUbjectivejudgement.Therefore,exact science.a study of Elliott Wave is not anInstead, there is a strong emphasis on thebuilding up of experiential knowledge.than science.It is an art ratherHowever, in modern day financial markets, ithas been commonly accepted that scientific approach aloneisunabletoaccountforalltheproduce a fully accurate forecast.marketmovementsorThe best results areusually produced by a combination of scientific study andmarket experience.The objectives of the current study Principleinofmodernapplicationforeignofexchange
3to derive practical wave counting and trading methodsfor Elliott Wave plication of the Elliott Wave Principle.The focusis put on the foreign exchange market becausewith the . rapid growth of international trade,the forexmarket is nowadays one of the most liquid and wanoverwhelming awareness of the need to dynamically managetheir currency exposure.The demand for the research andanalysis of the dynamics of currency movements has grownrapidly.The forex market also has particular significancein Hong Kong.the world,beingBeing one of the major financial centres ineach day aconductedlarge amount of forex trading arehere.It1Sapparentthattheforextrading in Hong Kong is getting more and more important,and therefore it is chosen as the financial market in thisstudy.Out of the foreign currencies that are traded every day, wehave chosen the Deutsche Mark as the focus of study eutsche Mark also forms the pi votal centre between twoeconomic giants - the U.S and the European Bloc.
4CHAPTER 工ILITERATURE REVIEWThe Elliott Wave Principle was first developed by R. N.Elliott in a series of classical articles published in theFinancial World magazine in the 1930's.j.However, it was A.Frost and R. R. Prechter who consolidated Elliott'sinitialworks when theypublishedinthe1970'stheclassical book on Elliott Wave Principle : "Elliott WavePrinciple - Key to Stock Market Profits".Prechter hasbeen one of the most important contributors in promotingtheapplicationfinancial markets.ofElliottWave Principleto modernHowever, it must also be mentioned thatmany other writers have contributed to various aspects inthe practical application of the theory, such as Balan,Weis, Beckman and Neely,The basic concepts of Elliott Wave Principle are actuallyquite simple.The core concept is that any market movementalways has a pattern of five waves in the direction of themain trend, then the entire sequence is "corrected" by apattern of three waves going in the opposite direction.The entire sequence is illustrated in Fig, II-1.Waves 1,
53, and '5 are termed impulse waves and waves 2 and 4 arecalled corrective waves.In the sequence, wave 2 correctswave 1; wave 4 corrects wave 3; and the entire impulse e cycle hence consists of 8 waves, 5 up and 3 downin abullish marketand5downand3upin abearishmarket.Figure 11-1 Basic Wave Pattern0) (2) orG)531/f\///4c20) or 0There is one very important concept in Elliott's theory.Each of the waves asshownin Fig.11-1 can always bebroken down into smaller wave components, as illustrated inFig.11-2.viewedatsubwaves.Therefore,onelowerwhen the complete wave cyclelevel,it actuallyconsists ' ofis34The subwaves again can be broken into furtherlevels in a similar manner.All the pioneers of Elliott
6Wave emphasised that the basic rhythm of "fives" correctedby "threes"is constant independent of the time unit ofreference.In other words,the wave patterns in hourlycharts are counted in the same way' as daily, weekly or evenThe concept implies that if a wave countyearly ounting, it cannot be accepted as a legitimate count.Figure II-2 Basic Wave Pattern Showing yallwriters agree that three rules are considered as absolute,which must be complied by waves at all levels:(1)Wave 2 cannot trace back past the starting point of
7wave 1.(2)Wave 3 cannot be the shortest out of the waves 1, 3(It usually is the longest).and 5.(3)Wave 4 cannot trace back past the ending point of wave1.variationsAlthoughthebasicconceptsappear tobe verypracticalapplicationsofsimple withoftheElliottonlyWavePrinciple3 basic rules,theoryaremuchthemorecomplicated than it appears to be, partly due to variationsof the basic forms.For impulse waves, there are 3 forms of variations, namelyextensions (Fig. 11-3), fifth-wave failures (Fig. 11-4) forms are comprehensively described in the book by Frostand Prechter.
8Figure -II-3 Impulse Wave Extensions55314122Fifth Wave ExtensionFirst Wave Extension1v5;J 4/' Third Wave ExtensionFigure II-4 Fifth Wave Failure35-- ---n- -------- -- --- // \v/V15-42/4.2For corrective waves, the waveforms are more complicated.The basic forms of corrective waves include simple zigzag
911-6) ,(Fig.flatFigure II-5 Diagonal Trianglecorrection(Fig.I I -7) ,irregularcorrection (Fig.running11-8) ,correction (Fig.andI I - 9 )h0r i z0n t a Itriangle11-10).thesedifferent degree of corrective power.flatsandtrend ofirregulars reflect athepower is weak.impulse movement(Fig.Each ofwaveformspossessesaFor instance,thestrong underlyinglargerand hence the correctiveThe running correction implies that theunderlying larger trend is so strong that it refuses hemarketis
10Figure Il-7 Flat CotrediooFigure ll-6 Simple Zig-ugBcFigurecAn-8 Irregular CorrectionFigure II-9 Running CorrectionB. --- - - - - - - - - --;.B-- - - - -. - - - - - - - - - - - - -'\'ACOne important characteristic to be noted for tfordifferent pattern, and the structure is tabulated in h the different corrective wave forms.usefulto
11Figure IT-IO Triangle CorrectionTable 11-1Subwave structure for Corrective Wavescorrective Wave FormSubwave structureZigzag5-3-5Flat3-3-5Irregular3-3-5Running Correction3-3-5Horizontal rrectivepatterns are not only limited to the basic formsabove.listedThere are the "double three" . and "triple three"waveformswhicharecorrective asicTypical examples for double three andshowninFigs.11-11and11-12
12respectively.It should be noted that each of the "threes"in double three and triple three can be substituted by izontal triangle which normally appears only as the lastformation or as an intervening X wave in a multiple three) .Hence there is a large number of possible combinations ofcorrective wave patterns ahd this makes the wave countingin correct.i ve movements very campI icated.R. Balan I s bookgives the best explanation on corrective waveforms, with acomplete set of diagrams to illustrate the waveforms.Figure II-l1 Example of Double-Three,,,,IIcc.zlgzagFlat
13Figure II-12 Example of arFlatXRatio AnalysisIn Nature's Law, Elliott cited numerous examples where on.turningpointsGoldenHeinalsomarketmovements very often can be predicted to a high degree ofaccuracy by the use of Fibonacci ratios.therewerenumerousexamplesgivenIn his writeups,tosurprising power of the Fibonacci theHowever, he didrelationshipsbetween different waves within the impulse and correctivewaveforms.Later,specific waveFrost andPrechter spelled out morelength relationships.relationships are of major importance.In particular,twoFirstly, the lengthof wave 5 is always a Fibonacci ratio of the net travel
14fromthebeginningofwave1totheendofwave3.Secondly, corrections often retrace a Fibonacci percentageof the preceding impulse waves.In other words, the lengthof wave 2 to length of wave 1 is in a Fibonacci percentage,and so is length of wave 4 to length of wave 3.These twoguidelines are very useful for the current study.It must be pointed out, however, that there is no completemethod of ratio analysis so far.Otherwise, Elliott WavePrinciple may become an exact science.The ratio analysisusually only points out the probable target points of acurrent price movement.Applications on Real MarketsGenerally speaking, there are very few literature writtenon the theory of Elliott Wave Principle.There are evenfewer literature to explain the practical applications ofthe theory in the real-life financial markets.Even thoughthere are many financial news and articles published dailywhich may quote Elliott Wave Principle toforecastthemarket trend, very few systematic studies of the principleare publ ished thus far.publishedmaterialsWe have not been able to findwhichdescribethesystematicevaluation of Elliott Wave in any financial market.However, there are two books that are extremely useful for
15the practical applications of Elliott Wave kdescribes a complete trading exercise using Elliott Wave,but the market for the simulated trading was not named.The second book was written by Robert Balan.This bookcovers a comprehensive range of rules and guidelines forapplying Elliott Wave Principleinforex market.Sometrading plans making use of Elliott Wave Principle are alsosuggested.However,thereis no descr iption on how toimplement such trade plans in real or simulated trading.
16CHAPTER inancialarticles and newsletters for the prediction of market butthereareverypredictive power.fewsystematicanalysisofitsactualThere is a wide gap between the usage ofthe theory and the systematic study of its usefulness andlimitations.The current study attempts to provide someinsights for filling this gap.currentstudyThe major objective of theis to ascertain theeffectiveness of theElliott Wave Principle to predict the fluctuations of theforeign exchange market.In particular, the Deutsche Markforex market is used for in-depth analysis.A tradingtechnicalplansanalysisbasedon thetheory and then use the plans in simulated trading usingeither real-time or historical data of the ElliottDetailedguidel ines on wave cC?unting are extracted.study.rulesTheAWaveandSome simple
17trade plans are then formulated based on this study.trade plansareusedto dohistorical market data.capital is assumed.thepercentagecalculated.simulated tradingThebased onAn initial amount of investmentAt the end of the simulated trading,returnoverthetradingperiodisthenA comparison with the return of other commoninvestment tools can give an indication on how effectivethe theory . can predict the market movements.One of the important requirements of the simulated tradingis that the trade plans must be based on objective rules asfar as possible.minimizethesubj ecti veSetting up of an objective trade plan stradedueplanstoareformulated in the simplest manner possible, to facilitatea mechanical and straight forward trading rtrade-initiation point, cut-loss point and profit-taking fit-taking actions, which are common in real-life trading, onses to the changes in the market trends and thereforerely much on toThis may cause thesuddenchangesHowever, this is not a major concern.intheThis studydoes not aim at maximizing trading profits, but rather itattempts to evaluate the effectiveness of Elliott Wave bythe performance of the trade plans.For the same reason,
18the trade entry points are chosen at the levels where liott Wave Principle, and not at the levels where profitcan be maximized.In terms of the trade time-frame, the trade plans focus on relong term trading, where profitsexpected to be derivedfrom major .market movements which usually take a few monthsto complete.The major reason is that long term tradingcan allow some simplifying assumptions to be made.Forinstance, transaction costs and interest differentials canbe ignored because they are small compared to the mulated trading, it has to be assumed that an order at adesignated price can always befulfilled necessarily true in real-life markets.this study1SThisis notHowever, because oflooking at major market movements, the impactis small.In order to keep the trade plans simple, not every marketmovement is included in the simulated trading.restricted to impulse wave patterns.Trading isThat is, only if thetheoretical analysis predicts a possible unfolding of someform of impulse waves will trading be possibly ivewaveforms, making it extremely complex to trade on yrequire sophisticated trading plans and years of actual
19trading experience,which we do not possess.Therefore,corrective waves are included in the wave counting but notin the trading plans.However,it mustbe noted thatimpulse waveforms frequently appear as part of a correctivemovement (for instance, the c wave of an a-b-c correctivewave), and these impulse waveforms are always included inthe simulated trading.In addition to the discussions above, there are two mulation of the trading inciple are rather loose.Very often for the sameperiod of market movements,many different possiblewave counts can be derived which apparently conform tothe basic rules, and yet the counts are contradictoryto -each other wi thtrend.Infact,regardthisto the predicted markethasbeenonecriticisms of Elliott Wave Principle.so many inconsistent counts,ofthemajorSince there areit may be difficult toderive trading plans based on the pport the establishment of trade plans.toThere mustbe some means to predict the targets of the pricemovements.ra iosMost Elliott Wave analysts use Fibonaccito forecast the turning points.However, there
20are always many possible Fibonacci ratios used for thewaverelationships.Ifthetradeplantailored to handle all the possible ratios,become very complicated.mustbeit willSome means is required toselect one best ratio for each wave relationship.The above issues are addressed in the following fficultiespoint(1)above,overcome such e first measure is based onthe observation that the number of possible wave counts ata certain point in time is greatly reduced if a carefulstudy of higher level wave countinglonger time period)(i.e.short term)(alwaysinvolving ais carried out and then the low levelwave counts that are inconsistent withthe long term wave counts are eliminated.It must benoted that one of the fundamental concepts of Elliott WavePrinciple is that the waves of any degree in any series canalways be subdivided and re-subdivided into waves of lesserdegree, and the waves of any degree have to follow the samebasic counting rules.If some wave counts comply with ewavepossiblecountshighbutarelevelwavecounts, they should not be accepted.The second measure is basedon the well-defined rules of
ce,theinternalthewaves1,3 andwave5 ofanimpulse wave must be of 5-wave structure, and wave c of ana-b-c corrective sequence is also a 5-wave structure.Theb wave of an a-b-c corrective sequence is always a 3-wavestructure, while the a wave can be either be a 5-wave or 3wavestructure tively.isazigzag orwhichcomply with these rules should be discarded.donotIt is ourobservation that in some financial analysis articles structure are often ignored.That probably is one .with the above two measures taken in the formulation oftrading plans,the number of possible counts is limited.However, based on Elliott Wave Principle alone, it may notbe possible to narrow it down to just one.simply not bindingenough trade plan must take thisThe rules areTherefore, the formulation ofinto consideration.In thisstudy, it is handled by a weighed trading method.point where trade should be ini tiated,At thean expected wavetrend must be first identified, e.g. a 5-wave impulse seemsto be unfolding.Then the proportion of legitimate countsthat are consistent with the expected wave trend is used tosetupaweighingfactorfortheamountoftrade
22investments.Inother words,thehighertheratioofcounts in favour of the predicted wave form, the higher theweigh in the investment.This method has the advantage ofsimplicity and consistency across the whole trading period.Details are given in the subsequent chapters.Fibonacci Targets heRegarding(2)issue of price targets ·as mentioned in nstead,betweenFibonacci averatiosaofvagueandtheother writers (including Frost, Prechterand Balan etc.) subsequently gave more specific guidelinesfor the use of Fibonacci ratios in predicting wave os used for the same wave relationship.makesplans.ait difficult tobuildpossibleThis situationsimple and objective tradeThe method we propose in this study is to performpreliminary the waveImpulse wavesvariousratiosratiosby analysingln historicalofwavedataarelengthsareThe average wave ratios for all the samplescan then be derived.These values are then compared to themost commonly used Fibonacci ratios to select the preferredone for the market used in the study.The selected ratiosare then consistently used in the formulation of the tradeplans.
23Data SourceThe current studydollar market.isDatafocusedon thesourceDeutsche Mark/U. S.from Knight-Ridderforperiod between January 1984 and March 1994 are used.data contents include daily high,theThelow and closing prices.As the study is concentrated on long term trading, the useof daily high-Iow-close charts is deemed to be sufficient.The data between January 1990 and March 1994 are used forsimulated trading,whereas the data from January 1984 toDecember 1989 are used for the Fibonacci ratio analysis asmentioned in the previous section.The two periods do notoverlap.A Note on NotationsOne of the basic principles In Elliott Wave is that eachwave is a component of a higher degree wave, which in turnis a component of an even higher degree wave.Therefore,in wave counting, the analyst must be very conscious of thelevel that he is counting, In order to produce a fferentofalevelsystematicofThroughout this report,shown in Table 111-1.wavenotationcycleisforverythe notation used isIt is assumed that only four levelsof waves are considered.
24Table 111-1Notation for Waves in Different Levelsnotation for impulsenotation forwavescorrective wavesHigh(I), (11), (Ill), (IV), (V)(A) , inor1,2,3,4,5a,b,cwave level.A,B,CI(C)
25CHAPTER IVRATIO ANALYSISElliott Wave Principle provides the form and framework topredict the market patterns, but to measure the ed.Because simulated trading is done in this study, some meansof estimating the target price levels for different waveshave to be set up.However,a review of li terature onElliott Wave Principle reveals that the rules for the useof Fibonacci ratios in relation to the wave lengths are notwell defined.Different writers preferred different set ofratios.Fibonacci RelationshipsIn his original writings, Elliott did not clearly spell outthe exact relationship between the various lengths of thewaves within different waveforms.wavelengthswithinFibonacci ratio.awaveformHe only stated that theareoftenrelatedLater, other writers (Frost, Balan, Weisetc.) have given more definitive relationships.foreachwaveby arelationship,thereareoftenHowever,several
26Fibonacci ratios proposed.For instance, for the 5 waveswithin an impulse, the common Fibonacci relationships arelisted in Table IV-I.
27Table IV-lCommonly Used Fibonacci Wave Ratios0.382 of wave 10.618 of wave 1wave 2.0.5 of wave 11.0 of wave 11.618 of wave 12.618 of wave 1wave 34.618 of wave 10.382 of wave 30.236 of wave 3wave 41.0 of wave 20.618 of start of wave 1 to end ofwave 30.382 of start of wave 1 to end ofwave 3wave 51.0 of start of wave 1 to end ofwave 31.0 of wave 11.618 of wave 1
28Results of Ratio AnalysisTo facilitate the simulated trading study, a consistent setof Fibonacci relationships need to be established for the5 component waves of an impulse.thehistoricalDEMdataisTherefore, an analysis ofperformedtosetupthepreferred ratio relationships.Theanalysi and 1989.is done on the historical data between 1985The data after 19901Sreserved for the testingof the trade plans and cannot be included into the ratioanalysis.The preferred wave counting for the period from 1985 to1989 will be explained in Chapter VI.Based on the impulse .waves during this period, the wave ratios are calculated.DetailedcalculationsAppendix 1.IV-2.aretabulatedlnTable1-1ofA summary of the results is tabulated in Table
29Table IV-2Summary of Ratio AnalysisRatioAverageStandardDeviationRatio of Wave 2 to10.5510.12Ratio of Wave 3 to 11.5940.23Ratio of Wave 4 to 20.7190.38Ratio of Wave 4 to 30.2540.14Ratio of Wave 5 to 10.7260.30Ratio of Wave 5 to 30.4580.17Ratio of Wave 5 to length between0.3540.13- .origin of Wave 1 and end of Wave3Based on the results,thefo lowingobservations can bedrawn:wave 2The length of wave 2 can only be estimated from length ofwave 1, and from the data analysis the ratio of wave 2 towave1 hasan average valuedeviation of 0.12.of0.551,withastandardThis result is very close to the valueof 0.5, which is one of the most commonly used ratios. taisquite
30wave 3In terms of ratio analysis, wave 3 is always compared withwave 1 and never compared with wave 2.Therefore, only theratio of wave 3 to wave 1 is calculated.The average valueofwiththisratioisdeviation of 0.23.foundtobe1.591astandardIt is close to the value of 1.618, butdeviates much from 2.618 or4 618.Therefore, the value of1.618 will be used as a predictor of end of wave 3. -wave 4The length of wave 4 is usually estimated from wave 3 orwave 2.The average ratio of wave 4 to wave 2 is 0.72 withastandardlargedeviationof0" 38.Becauseoflargestandard deviation, this relationship is not trust-worthy.When wave 4 is compared to wave 3,the average ratio iso. 254 with a standard deviation os 0.14.much closer to 0.236 than0 382,This value istherefore the value of0.236 of wave 3 is used as estimator for wave 4.wave 5The average ratio of wave 5 to length between start of wave1 to end of wave 3 is 0.354 with a standard deviation of0.13.This is surprisingly close to the ratio of 0.382.The ratio of wave 5 to wave 1 gives a value of 0.726 8.Also, the standard deviation of 0.30 is large. Therefore,
31this relationship is not preferred.Summary of nships are tabulated in Table IV-3.ratioThese ratioswill be used in the formulation of trade plans.Table IV-3Preferred Ratios for Impulse WavesIWaveIFibonacci RelationshipWave 20.5 of Wave 1Wave 31.618 of Wave 1Wave 4' 0.236 of Wave 3Wave 5.0.382 of (length betweenstart of Wave 1 to end ofWave 3 )I
32CHAPTER VFORMULATION OF TRADE PLANSANDRESULTS OF SIMULATED TRADINGThis chapter describes the setting up of trade plans andthe results of the simulated trading when these plans areapplied to historical data of the DEMjUSD market.As stated in Chapter Ill, the objective of the trade plansis to test the effectiveness of Elliott Wave theory.It isnecessary to keep the trade plans as simple and objectiveas possible.Inordertoperformance,assumed.shortfaci 1 i tateanAny lofUS of1themillioninitiated will either be aDeutscheMark.Marginoverallislong ortradingisA typical
The Elliott Wave Principle was first developed by R. N. Elliott in a series of classical articles published in the Financial World magazine in the 1930's. However, it was A. j. Frost and R. R. Prechter who consolidated Elliott's initial works when they published in the 1970's the classical book on Elliott
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