Elliott Wave Principle : key to market behavior [PDF]

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Elliott Wave Principle : key to market behavior – Book

As Charles Dow once observed, stakes can be driven into the sands of the seashore as the waters ebb and flow to mark the direction of the tide in much the same way as charts are used to show how prices are moving.

Out of experience came the fundamental Dow Theory tenet that since both averages are part of the same ocean, the tidal action of one average must move in unison with the other to be authentic.

Thus, a movement to a new extreme in an established trend by one average alone is a new high or new low which is said to lack “confirmation” by the other average.