Microsoft Word io elliott Wave Theory doc

Epilogue 
Until a few years ago, the idea that market movements are patterned was highly controversial, but 
recent scientific discoveries have established that pattern formation is a fundamental characteristic of 
complex systems, which include financial markets. Some such systems undergo "punctuated growth," 
that is, periods of growth alternating with phases of non-growth or decline, building fractally into similar 
patterns of increasing size. This is precisely the type of pattern identified in market movements by R.N. 
Elliott some sixty years ago. The stock market forecast in Elliott Wave Principal the thrill of bringing the 
reader to the pinnacle of a sociological wave of Cycle, Supercycle and Grand Supercycle degree as 
revealed by the record of the stock market averages. It is a vantage point that affords remarkable 
clarity of vision, not only concerning history, but the future as well. The future is the subject of Robert 
Prechter's new book, At the Crest of the Tidal Wave. It presents a highly detailed elaboration of the 
second half of the authors' forecast, i.e., that a record-setting bear market is now due. At this time, half 
of our great journey is over. That first leg, upward, was both personally and financially rewarding in 
fulfilling the authors' sober expectations, which were simul- taneously beyond most market observers' 
wildest dreams of riches. The next move, which will be downward, may not be as rewarding in either 
way, but it will probably be far more important to anticipate. Being prepared the first time meant 
fortune and perhaps a bit of fame for its forecasters. This time, it will mean survival, both financial and 
(based upon Prechter's work correlating social and cultural trends with financial trends) ultimately 
physical for many people as well. Although it is generally believed (and tirelessly reiterated) that "the 
market can do anything," our money is once again on the Wave Principle. In the sixty years since the 
first forecast based on the Wave Principle was issued by R.N. Elliott, it hasn't failed yet in providing the 
basis for an accurate long term perspective. We invite you to stay with us for the next leg of our great 
journey through the patterns of life and time.