The Elliott Wave principle is a form of technical analysis that attempts to forecast trends in the financial markets and other collective activities, named after Ralph Nelson Elliott (1871–1948), an accountant who developed the concept in the 1930s, he proposed that market prices unfold in specific patterns, which practitioners today call Elliott Waves. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the financial market could be predicted by observing and identifying a repetitive pattern of waves. In fact, Elliott believed that all of man’s activities, not just the financial market, were influenced by these identifiable series of waves.
Elliott based part of his work on the Dow Theory, which also defines price movement in terms of waves, but Elliott discovered the fractal nature of market action. Thus Elliott was able to analyze markets in greater depth, identifying the specific characteristics of wave patterns and making detailed market predictions based on the patterns he had identified.
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