Читать книгу Supertiming: The Unique Elliott Wave System - Robert C. Beckman - Страница 9

Like Schumpeter’s work relative to economic forces, Elliott began with one major long-term force which he sub-divided into lesser, shorter-term forces. However, his sub-divisions were far more detailed than Schumpeter’s, the most distinct feature being the complete absence of any form of cyclical periodicity. He coined a system of terminology in order to classify the various wave dimensions. The major long-term cycle would be compatible with the Kondratieff Cycle. Elliott called this the Grand Super Cycle which spans a period of 50 years or more. The next cycle down the scale, obviously compatible with the Juglar cycle of economic activity, was Elliott’s Super Cycle, spanning 15 to 20 years or more, depending on the duration of the Grand Super Cycle. Compatible with the work of Kitchin and his shorter term economic model, Elliott referred to the Primary Cycle, from which point there is a departure. Continuing his regressive categorisation we find the Cycle, Intermediate, Minor, Minute, Minuette and finally the smallest cycle of all, the Sub-Minuette.

Thus we start with a cycle of approximately 54 years in duration and continue sub-dividing downward until we arrive at the tiniest measurable degree. In London this “tiniest measurable degree” would be the hourly movements recorded by the Financial Times Industrial Ordinary Share Index. In Wall Street we have pure perfection, for the “Stock Master” provides minute-by-minute price changes in the Dow-Jones Industrial Averages, adjusted instantaneously for every single transaction that occurs in the thirty Dow-Jones Industrial Shares.