Elliott Wave Principle: Key to Market Behavior

Das Wellenprinzip wurde in den 30er und 40er Jahren von Ralph Nelson Elliot entwickelt. Es beruht auf der Beobachtung, da sich die Finanzmärkte in bestimmten Zyklen bewegen, d.h. da die Preisbewegungen am Aktienmarkt erkennbaren Mustern folgen und sich in sog. Wellen unterteilen lassen. Damit ist das Elliot Wellenprinzip ein wichtiges Instrumentarium zur Analyse und Prognose des Kursverhaltens am Aktienmarkt. Elliotts Theorie geriet mit der Zeit in Vergessenheit, bis Prechter 1978 dieser Theorie zu neuer Popularität verhalf. Insbesondere in den USA hat die Elliot Wellenanalyse seither Kultstatus erlangt. ＂The Elliott Wave Principle＂ ist ein Investmentklassiker, der mit jeder Neuauflage das Wellenprinzip weiterentwickelt und verfeinert hat. Diese Jubiläumsausgabe zum 20. Geburtstag der Erstausgabe macht deutlich, da alle Prognosen der Autoren eingetreten sind. So haben Prechter und Frost nicht nur in der Krisezeit der 70er Jahre eine Hausse für die 80er korrekt vorhergesagt, sondern ebenso den Crash gegen Ende der 80er.

Robert R. Prechter. Jr. is author of several books on the markets and editor of two monthly forecasting publications, The Elliott Wave Theorist and Global Market Perspective. The Hulbert rating service reports that The Theorist exceeded the performance of the Wilshire 5000 over 131/2 year period ending December 31, 1993, while being exposed to market risk only 50% of the time. EWT has won Hard Money Digest’s ＂Award of Excellence＂ twice and Timer Digest’s ＂Timer of the Year＂ twice, the only newsletter to do so. In 1984, Mr Prechter set an all time record in the United States Trading Championship by returning 444.4% in a monitored real-money options account in the four month contest period. In December 1989, Financial News Network named him ＂Guru of the Decade＂. In 1990-1991, Mr Prechter serves as President of the Market Technicians Association in its twenty-first year.
Mr Prechter’s latest venture is Elliott Wave International, which provides monthly and intraday analysis on stock markets, currencies, interest rates, commodities and social trends to institutional and private investors around the world.
Mr. Prechter attended Yale University on a full scholarship and graduated in 1971 with a degree in psychology. He began his career as a Technical Market Specialist with the Merrill Lynch Market Analysis Department in New York, where his original work with the Wave Principle led to a small but loyal following, introduction to A.J. Frost and ultimately this book.

A.J. Frost C.F.A., a graduate of Queen’s University, Kingston, Ontario, started his career as a legal accountant. He achieved his objective on being admitted to the Ontario Institute of Chartered Accountants in 1934 and on his call to the Ontario Bar in 1937. In 1959, he was elected a fellow in the Institute for distinguished service to the accountancy profession. He served as Chairman of the National Capital commissions (Canada) for two years and later sat on the bench as a member of the Tax Appeal Board, Tax Review Board and Anti-Inflation Appeal tribunal. He has handed down many decisions in the field of income tax law. During his career, Mr Frost served on two university councils and the boards of several Canadian corporations.
In 1960, Mr. Frost became a partner of the late Hamilton Bolton, who introduced him ot the Elliott Wave Principle. After Bolton’s death in 1967, he wrote two Elliott Wave Supplements for the firm of Bolton-Tremblay, the editors of the Bank Credit Analyst. In 1977, Mr Frost delivered a speech on the Elliott Wave Principle before the Market Technicians Associations. There he met Mr. prechter, whom he found to have remarkably compatible ideas despite their separation by two generations and national boundary. Mr. Frost provided weekly market commentary on Financial New Network and was one of the most frequently requested speakers for meetings of the Canadian Society of Technical Analysts.