Читать книгу Supertiming: The Unique Elliott Wave System - Robert C. Beckman - Страница 18
Three: Elliott… Pure and Simple
Оглавление“The market was its law. Were there no law, there could be no center about which prices could revolve, and therefore, no market.”
The Wave Principle (1938), Ralph Nelson Elliott
FROM ELLIOTT’S WRITINGS it would appear that he was well versed in the work that Charles Dow had developed while editor of the Wall Street Journal. By the time Elliott had formulated his work, the Dow Theory was some 50 years old and fairly well established in many quarters as having special forecasting significance. Elliott, no doubt, spotted the short-comings of Dow Theory, its imprecision and somewhat laggard characteristics. One of the primary problems of Dow Theory is that a trend is usually well established before one is advised to take action in accordance with the classic Dow Theory “Bull Signals”.
It was Elliott’s contention that since the store of information regarding stock market transactions has been greatly multiplied since Dow’s original work, important and valuable new forecasting inferences could be drawn from certain behavioural characteristics of price movements.
