In the late 1920s Ralph Nelson Elliott developed the Elliott Wave Theory. Through the observation of cycles inside several natural phenomena, he discovered the presence of analogous cycles in the stock market in every measured time frame. Waves are mathematical structures that reflect the "psychology of the masses" in stock prices. As with everything linked to human behavior, waves act like “living things” and are dynamic in nature.

Every market exhibits a cyclical behavior; stocks, bonds, currencies, commodities, inflation...
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