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Is this content inappropriate? Report this Document. Flag for Inappropriate Content. Download Now. Related titles. Carousel Previous Carousel Next. Jump to Page. Search inside document. Library of Congress Catalog Card No. How can the turning points of filterable waves be located? How can turning points be evaluated?

Can filtered waves be used with other methods? Can filterad waves be used with individual stocks? How big isa Bull? A Bear? What is the life expectancy of a Bull? How big are primary swings, secondary reactions, and rallies?

It expresees this knowledge fa numbers. Chemists use paper filters to remove auepended material from solution; electzieal engineers use filters to remove undesirable frequencies from a circuit; biologists use filters to measure the size of Small partictes, In this bock we measure waves by the Gilter required to eliminate them.

Stock market prices move a waves within waves within waves; this can be confusing. Chapter 3. This is the filter size. Now suppose that prices start to decline. We do nothing until the RS point is reached.

When this occurs, we know that we have been in a qualifying decline since the last high point. RS Point and figure students will note that this procedure is similar to the change from a rleing column toa de- clining columa, 1a the procedure outlined above, per centage Gyures are used instead of points. Actually, it is an example of the begianings of the "Theory.

The outline which follows ix a condensation of these weitings. Point 1 The fluctuations of the Dow Jones rail and in- dustrial averages avea composite index of all the hopes, fears, and knowledge of'everyone who knows anything of financial matters. Point 2 The market consists of three movements, which are going on at the same tim: 2A The Primary Markets.

These are the great bull and bear markets. They last from one year to sev- eral years, These great movements are fundamental in nature, and are beyond the reach of manipulation. The minor movements ave not considered impor tant in the Dow Theory. These are not related to the secondacy movements described above in 2 , and ghould be cone sidered separately: GA In a bull market, the First Phase represents the improvement in public confidence and a correction of the undervaluation developed in the last phase of the preceding bear market.

The Second Phase is a response to improvement in corporate earnings. The Third Phase ia 2 final deprostion of prices caused ie part by distreus selling. But when prices wrned upward at point 3. In a downward swing, the same type of analysis would be valid. Hemiiton nated thor Mines" seldom eeu atthe box ginning of ending of secondary swinger bat awsaliy ia. Rhea's analysis recommends the consideration of nes!

Robert Rhea supplemented Hamilton's tabulations with a detailed lating af all of the bull and bear markets and secondary moverenta in the period from to the time of his death in These tabulations have been charted in the two figures which follow. In addition, the points of confirmation of the primary markets are Inarked withthe letter "GM" Profits and ovens obianed by buying and selling at these points of confirmation are indicated by arrows.

Since the confirmation always fol- lows the top or the bottom of a primary market, the pro- Site are always Lees than he total mows n't always You cam profit from this theory. But the profits over the years, wh are the equivalent of compound interest at the rate of Some refreshing ideas about the behavior of Wall Street were developed by Ralph Nelson Elliott - Jan, , We have reviewed all of his published weitings, and have summarized them in this appendix.

Ralph Elifott spent many years in Latin America as an accountant. In he retired to Los Angeles where he developed bis wave theories, These were published in in a monograph The Wave Principle, in a ner- tes of articles in the Financial World in , and ina book Nature's Law published in His ideas proved a0 interesting to investors that he came to New York and, spent the last yeare of hie life writing a financial report. Each number in this series is equal to the sum of the two preceding numbers, and the ratios are found many places in aature.

The count of seads in the whorls of sunflowers and pineapples are exanaples. Eliott found the numbers existing im the timing af waves and in the ratios of stock market prices at various turning points Elliott's most basie conclusions are illustrated by the chart opposite, which is derived from one that be pablished in Nature's Law.

These are marked 1, 2, 3, Bach wave counter to trend is made up of three waves. These are marked a,b,c. In addition to his basic conclusions, Eliott listed many variations, which are charted completely on the following pages.

He listed some subsidiary conclusions 1 No confirmation is required by a companion average, The Dow Theory requires confirmation of the Industrials by the Rails. These can be useful in the interpretation of waves.

Many of his turning pointe wore debatable his wave patterne tend to proliferate into variations. When filtered waves are applied, some of Biltott's turning points appear to be quite light, and he seems to have missed aome important jzne, Another problem is the division of waves into aub- waves. You can divide a wave into almoat any number of subwaves, if you make the aubwaves email enough, We have tried to read Elliott's mind, from his lim- ited writings, in order to develop 2 basis for a meas.

The turning pointe that he used have been tabulated and evaluated, and the average wave amplitude has been measured, 2 A second line of attack is a atudy of the "basic Elliott" chart at the beginning of thie appendix.

This chart outlines a complete cycle. Press Costa, Joseph A. Raiph C. Review, May Allen, Leon B. Leo: Your Investments; Am, Res. Geoff Maude. Jatin Soni. More From thiago veloso. Paulo Godoi.


Filtered Waves : Basic Theory: A Tool for Stock Market Analysis

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Arthur Merrill - Filtered Waves, Basic Theory.pdf


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