Читать книгу Supertiming: The Unique Elliott Wave System - Robert C. Beckman - Страница 11

An approach to the Elliott Wave Principle is to accept this fact, and subsequently deal with the alternatives that are offered while building an investment strategy in accordance with the probabilities offered by the various alternatives. This sounds a lot more difficult than it actually is in practice. For example, if the “Wave Count” suggests we are beginning an upward move in Wave III or possibly an upward Wave V, the only factor to consider at that time is that we are beginning an upward Wave and that downside risks are limited. When confronted with these two particular alternatives the message that one would accept is the limitation of downside risk and act accordingly. At a terminal juncture the precise nature of the Wave is relatively unimportant. On the odd occasion one will find there are several alternatives offered by the Wave principle, where risk and reward are not satisfactorily definable. On those occasions, we merely step back and wait for the Elliott Wave pattern to produce a situation which can be defined with greater precision. I have always stressed the need for “masterly inactivity” on various occasions in the stock market. One need not seek a message with every single price movement every single day. Some price movements cannot be categorised until we move further on in the cycle. The most rewarding aspect of the Elliott Wave Principle is that when only one alternative is offered the probability for success is extraordinarily high as will be demonstrated as we proceed. The longer term investor need only deal with the longer term Wave developments whose terminal junctures are easily recognisable. There are two aspects of prime importance when embarking on a study of the Wave Principle. The first is mastery of the tenets which is not very difficult. The second is learning how to work with the Wave Principle, a subject badly neglected by practitioners. That particular subject is the primary function of this book.

At the 1972 Investors Bulletin Annual Seminar, James Dines said, “A genius by the name of R. N. Elliott developed something called the Elliott Wave Principle but it takes a genius to understand it.”

Bear with me. You are about to become a “genius”!

Figure 2. F.T. 30. JAN 1975-FEB 1976