Forex professional guide

OUR MANDATE IS TO PRODUCE MILLIONAIRES IN DOLLARS IN NIGERIA.

A CHANCE TO MEET AND BE MENTORED BY THE HIGHEST EARNER IN THE BLACK CONTINENT, A NIGERIAN LIKE YOU!

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Date: Monday 10th Dec. 2018
Time: 10:00am (1st session )
1:00pm (2nd session)
Venue: INTERCONTINENTAL HOTELS
52 KOFO ABAYOMI STREET, VICTORIA ISLAND LAGOS.

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FOR enquiries and seat reservations call: 08108675681
JOHNBESTMAN

ELLIOT WAVE PRINCIPLE

In this lesson, we will tell you the ABC of one of the most popular technical analysis methods – the Elliott wave principle.

Ralph Nelson Elliott, a professional accountant, developed wave analysis in the 1930s.

In Central America, Elliott contracted a debilitating intestinal illness, which forced him into early retirement and he decided to dedicate himself to the analysis of stock markets. He noted that the price dynamic, which is supposed to be chaotic, actually unfolds in specific patterns that in their turn can be classified into even smaller patterns. In 1938, he published the results of his study in the book entitled The Wave Principle. Later, Elliott expanded his theory to apply to all collective human behaviors and published his most comprehensive work Nature's Law–The Secret of the Universe in 1946.

According to the Elliott principle, market prices follow some recurrent cycles. Prices change their dynamics based on crowd behavior.

These cycles that a price repeats were called ‘waves’. To identify a further price movement correctly, you need to find out what wave pattern takes place.

Traders appreciated the advantages of the Elliott theory quite soon as it enabled them to find reversal points on their own.