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Theory of cyclical movements of prices. Follows certain indicators that predict and confirm price movements. The Elliot Wave Theory was originally published by Ralph Nelson Elliot in 1939. It is a pattern recognition theory. It holds that the stock market follows a pattern of five waves up and three waves down to form a complete cycle. Many technicians believe that this pattern can hold true for as short a time period as one day. However, it is generally used to measure long periods of time in the market.

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