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Elliott Wave Principle and Basic Tenets


The Wave Principle is governed by man's social nature, and since he has such a nature, its expression generates forms. As the forms are repetitive, they have predictive value.




Sometimes the market appears to reflect outside conditions and events, but at other times it is entirely detached from what most people assume are causal conditions. The reason is that the market has a law of its own. It is not propelled by the external causality to which one becomes accustomed in the everyday experiences of life. The path of prices is not a product of news. Nor is the market the cyclically rhythmic machine that some declare it to be. Its movement reflects a repetition of forms that is independent both of presumed causal events and of periodicity.



The market’s progression unfolds in waves.Waves are patterns of directional movement. More specifically, a wave is anyone of the patterns that naturally occur, as described in the rest of thischapter.




The Five Wave Pattern



In markets, progress ultimately takes the formof five waves of a specific structure. Three of these waves, which are labeled1, 3 and 5, actually effect the directional movement. They are separated by twocountertrend interruptions, which are labeled 2 and 4, as shown in Figure 1-1.The two interruptions are apparently a requisite for overall directionalmovement to occur.




Elliott noted three consistent aspects of thefive-wave form. They are: Wave 2 never moves beyond the start of wave 1; wave 3is never the shortest wave; wave 4 never enters the price territory of wave 1.




R.N. Elliott did not specifically say thatthere is only one overriding form, the “five-wave” pattern, but that isundeniably the case. At any time, the market may be identified as beingsomewhere in the basic five-wave pattern at the largest degree of trend.Because the five-wave pattern is the overriding form of market progress, allother patterns are subsumed by it.


1.3Wave Mode





There are two modes ofwave development: motive and corrective. Motivewaves have a five-wave structure, while corrective waves havea three-wave structure or a variation thereof. Motive mode isemployed by both the five-wave pattern of Figure 1-1 and its same-directionalcomponents, i.e., waves 1, 3 and 5. Their structures are called “motive”because they powerfully impel the market. Corrective mode is employed by allcountertrend interruptions, which include waves 2 and 4 in Figure 1-1. Theirstructures are called “corrective” because each one appears as a response tothe preceding motive wave yet accomplishes only a partial retracement, or“correction,” of the progress it achieved. Thus, the two modes arefundamentally different, both in their roles and in their construction, as willbe detailed throughout this chapter.


                              
Figure 1-1

The Complete Cycle



One complete cycleconsisting of eight waves, then, is made up of two distinct phases, thefive-wave motive phase (also called a “five”), whose subwaves are denoted bynumbers, and the threewave corrective phase (also called a “three”), whosesubwaves are denoted by letters. Just as wave 2 corrects wave 1 in Figure 1-1,the sequence A, B, C corrects the sequence 1, 2, 3, 4, 5 in Figure 1-2.

Figure 1-2

Compound Construction



When an initialeight-wave cycle such as shown in Figure 1-2 ends, a similar cycle ensues,which is then followed by another five-wave movement. This entire developmentproduces a fivewave pattern of one degree (i.e., relativesize) larger than the waves of which it is composed. Theresult is shown in Figure 1-3 up to the peak labeled (5). This five-wavepattern of larger degree is then corrected by a three-wave pattern of the samedegree, completing a larger full cycle, depicted as Figure 1-3.


As Figure 1-3illustrates, each same-direction component of a motive wave (i.e.,wave 1, 3 and 5), and each full-cycle component (i.e., waves 1+ 2, or waves 3 + 4)of a cycle, is a smaller version of itself.


It is neccessary tounderstand a crucial point: Figure 1-3 not only illustrates a larger version ofFigure 1-2, it also illustrates Figure 1-2 itself, in greater detail. In Figure1-2, each subwave 1, 3 and 5 is a motive wave that must subdivide into a"five," and each subwave 2 and 4 is a corrective wave that mustsubdivide into a "three." Waves (1) and (2) in Figure 1-3, ifexamined under a "microscope," would take the same form as waves and . Regardless of degree, the form is constant.We can use Figure 1-3 to illustrate two waves, eight waves or thirty-four waves,depending upon the degree to which we are referring.




Figure 1-3










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