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Through hours of research and usage Ian Copsey has unearthed a fundamental error in the structural development of price behavior as defined by the Elliott Wave Principle. From his early findings that trending waves ended prematurely and the vagueness of the wave relationships he began to realize that trending waves do not develop in the manner which R.N. Elliott described in his findings.
In Harmonic Elliott Wave he reveals the methodology, the common ratios that link different parts of the wave structure and provides a wealth of practical examples to explain his findings. Through this methodology he shows how waves develop and dispels the misconceptions that have been common practice by Elliotticians over the years. He supports his methods by consistently ensuring that waves are related by common ratios to help the reader apply the techniques with greater understanding and accuracy.
|Author Ian Copsey|
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Look around the Elliott Wave forums and observe the discussions. Much of it will be discussing economic data and what's happening elsewhere that may affect the market they are trading. The general story about putting 5 Elliotticians in a room and when they come out they have 20 alternative wave counts is rather understated. These forums generate a plethora of wave counts, traders scrambling to find the best fit - often for their fundamental bias - but always in retrospect. Wave ratios? No, hardly ever mentioned and never worked correctly...
Yes, I used to be like that, dedicated to the Elliott Wave Principle but fumbling around trying to work out what is happening, scratching my head when commonly used ratios just break down. Others used to appreciate my efforts but I was never satisfied as Elliott Wave never achieved what was promised.
So I took the back door route. I ignored the wave structure and tried to work out where there were related waves. It was a labor of love, sometimes frustrating, sometimes generating remarkable results. The finally it all dawned.
The market's use of Fibonacci ratios was incorrect. The impulsive wave structure Elliott proposed was clearly wrong. By introducing an element of the Dow Theory and identifying the manner in which Fibonacci and harmonic ratios worked within the wave structure the results became astonishing at times. Even now I can sit back in wonder at how these structure repeat and with such accuracy.
Is it the Holy Grail? No of course not. Nothing ever can be as it will be self defeating. I get things wrong but the difference I find is that most of the time I know *where* the structure breaks down. If you read the forums that is something very few, if any, have any concept of... It provides more confidence in your analysis. Often you can spot how the structure doesn't develop as it should for the wave that is anticipated. The Harmonic Wave structure talks to you and warns when something isn't quite right.
In this book I try to convey these techniques, explain the manner in which price develops. I have dedicated a large chapter to providing practical guidelines when faced with ambiguous situations, how to spot something going wrong and the common issues faced.
It will require dedication and focus but for those that make the effort I feel Harmonic Elliott Wave will generate an awfully big benefit in your analysis/trading.
Ian Copsey is one of the most accomplished Elliott Wave practitioners. While respecting the "brilliant findings" of R.N. Elliott, Copsey explains in rich detail how a few changes to the original impulsive wave structure have allowed him to achieve more consistently accurate analysis. Some traditionalists may find his work provocative but Elliotticians of all hues will benefit from his insightful observations.
A few years ago, Ian Copsey had something of an epiphany. He became aware of anomalies in the work of the celebrated financial markets technical analyst, R.N. Elliott. Elliott's Wave Principle proposed that financial markets proceed in a pattern of impulsive and corrective waves. Copsey's computer based research led him to believe that the structure of the waves developed differently than Elliott's works. Based on that research, Copsey proposed strong guidelines for strategies to apply the new "harmonic" wave structures to financial markets. After successfully testing his theory, Ian Copsey has presented, in Harmonic Elliott Wave, a robust argument for his innovative treatment of wave principles.
Executive Director at First Pacific Securities
Vice President of the Australian Professional Technical Analysts
In the late 1930's, Ralph Nelson Elliott published his market observations called The Wave Principle. Many forecasters have applied this powerful methodology with success, until they got the wave count wrong. Now, three quarters of a century later, the techniques of trying to fit a wave count is less of a challenge with Ian Copsey's Harmonic Elliott Wave. Ian's 20 years of market observations, aided by computer power, has come out with an objective way of determining wave relationships. All these lead to a more accurate forecast.
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Book Description Wiley, 2011. Hardcover. Condition: New. Never used!. Seller Inventory # P110470828706