• Edited by ROBERT R. PRECHTER, JR. INCLUDES: The Story of R.N. Elliott The Wave Principle (1938) The Financial World Articles (1939) Selected Essays - 1940-1942 Nature's Law - The Secret of the Universe (1946) ...... Ne .... DI .... Ralph NelIIon EIiolI (1871-1948) led an advenlur· OUI and produdive tle. He ~ a temarkably tueeeSIfuI aoc:ouoting career. inYoMng book 8Ulhoi1ll1ip. fI1lIllIIZine oontJb.JIiorw. lixl ........ lraWll and ""'" Ii U.S. Slale Depar1Jrlert ,""",Ill ...... EMotI pc.mlitlhed his tnt book on !he SUIdl matkeI mille lIlIlI of 87. N1 ill'ploallc:o, to IWl)'OIlOI facing hill "dec:IlrIing" yea ... EIiol1'. evident geniu. ,MChed lui ~ i'I fie. dec:ede of his lie, 'Atl&'l he broI.Jght Ii great gift of Ia 10 .. 1 "'gii III mao*lnd. EIott _ of lhaIllIf8it of breiidi, Ii truellCholar i'I lhe plllCtlcfol wond of 1iIiinoe. l-k ~ Iheoly 01 itOdI rnatkiiI b8haYIor goes way biiyond IIle UIUOII Imilalioni lhaI lIrii thaIa:tellitic 01 !he bulk of !he 1itenduN. .... A. l-lllmiIIc:w'I Bc*ln, Iooodet of !he Sank ~ ~ iiild. "He de- Viiklped hIii pll..ciple ir*' Ii ralionIlI method of itOdI matkeI aniilyiii on II .:ale _ beIor1o lll&.it*Kl." 11'1 '-:to !he Wave P110 ~ ill far ITIOIe lhan Ii use- fullll'llllyticell mettlOd. t! Principk Illld copjea of the Elliott Wa.,. Supplement. too the BaM Cndit Analyll, and collabMated on the fore'llfl'lrd.ing comment.. Alfred H. Kingon, editor-in.ehief of FiNJ/lCUU WM!d magazine, i1nerouely eoD· .... nted to the republication crt Elliott'. 1939 article•. The New York Public Library yielded much information, and ia the only library Imown to have. photoa>py aIth .. oripnat Natun'. Lew. Cl.ire Chartrand, an .uoci.te of the late Hamilton Bolton, helped dear up a few cloudy areu on the avail.bl, reproduc- tiOIlll. The Library of CofIiI'eU provided the material for the Selected Eua,ya lIeCtion. One of the main reuolW. compRbemrive republicaUon of Elliott'. worb has not been Ittempted before 'If AI the prolIpect of the formidable ilhatratina job neceuary to do jUltiee to Elliott'. conoepl.8. Hi. two boob are rather roughly illllAr.ted and. mere phatographk reproduction would not have lIUffic:ed. Robin M.ehdnslri ~Uy tackled thitjob, and 'If' are proud to featun her wwk herein. Arthur Merrill of Merrill Analr-il, Inc. provided m. invaluable photographie talomtl toward the reduetioo of the illuatratioll8 to eaDlllr&-ready lize. The ropy edili"ll for the C\1lTelIt edition 'NO dODe by Jane Eltell and Kareo Latvala. The jacket design Wall erafted by graphics artillt Pamela KimmOnJI. For aeknowledgmeDIa relati"ll to Elliott'l biography, _ the Authora Note 00 page Ill. CONTENTS THE FINANCIAL WORlD ARTICI r 8 11m) AnDow>cinc tho w.... PriDcipl. p"rt I ACKNOWIJ'iDGMENIlI FOREWORD ... BIOGRAPHY OF R41" NEI.SON £Ilion DIE WAVE PBJNCIPLI UlWl) p ... I I 13 .. M " " '" 108 lOll 112 114 III no '" no 120 121 '" '" ,,, ... 14.0 1M '" '" 1M 'M 11\6 , II m " v " '" "'" IX x Rhythm in Nat""" Stock Merkel W._ Identi/)'iDI tho W .... T ; ...... vi!!;;;;.".,; ...... Fi8.b W."" Cgrredjon. Knepp", .. ExkmmO' Of EltcooilKl' Boha ... of MatkeI. Fonowinr EntnIioo ... lmcWar CorNo""", &toq Correeliom hUu ... WMn tho SlUMP' ja;o Doubt TrianIl- Sp!!d, Volume and. Chamn, MiKooIl...- N_: Cbartinr AwlItIlllIho W .... PrInciple Rori .... in the 1937.1R38 Beer M.rb, HeIr MOO!! Su.pp!.olDOlO!arY CrciN ",. W .... Prindp!ol in Oth« FWlela ~ '" '" '" no '" '" In 110 1M 1M 191 ,,, '" 196 "" n ""m """ "" v "" " "" '" "" "n Par!. IX Part! p"rtn p""m SEI FcrKD gUrU ltfO,IH2 on.. Bam. of the Wn .. PrincipII Hoor Iho W~ Principle Woob. and.1~ eon.leCion Wit.b nuratjM AI' Tim. E'.m""t • 201 Market AP'll!u' _ Co. ... and 1WmiJla_ 204 ~ Crcl. 0 M...... 1Ot 213 NmJRm lAW _ THE SECRET or THE uNJYERBJ: UHf) 216 I"trod""""", Rhythm in Na1.Ure 220 I Tho G.-t Pyrunid GiselI 222 n NatUN" (.aw m MiMlaMouIOlwtryation, m m Hnmn Ad.jYitje, 229 [V DiAtU>c:live Feu\InlII of H........, AdiYltiM '!I!2 Y CornrtiQ!!1 232 ZipAp 234 nato 237 Conl 2fll 5idnrj. Moyrmenl.l us vn Itrecu!ar Top. 2110 vm A11en1.tioto. 21\2 IX S .. I" 2M X E:aomplH (Au.Hollihton A'1IJ 269 XI The 'I'hir\ftfl Y.ar TrianI!' 2M XII lttfl.lI'an 267 XW I'rit!I of GoIcl 270 XIV Patenl.l 2'12 xv T..JIDig,J Futuru 2'15 XVI Dow Joan &oj! IMtq 277 xvn Tho YoJlleot'NmI 280 XVIU Cbminc 283 XIX ltt_unant Timing 284 xx Selaetian oITn.diq Madia 287 XXI I'Yratrjdio SymhoIa and K>w Thq .... Dioono.J. C)'clM of Individual. '" XXV .......... 300 XXVI Mj_J1,ofQUl 300 \lq!p!DllofW._ 30lI CirrlM 301 A.B B_ 302 XXVII The 1!l.42.JlWj Bull M.Get 30ll R«rlow ,pc! Cqncluoion 3lIlI Bcferu_ , Copyrighted material , FOREWORD Hamilton Bolton aid in 1953, "For every ODe bWldred in- vutonl who have heani of the Dow Theory, there is probably DOt one who ltno~ about Elliott'. Wave Principle.oln the aer- vice of juAtiee, the time hu eame to remedy thu overaitlht of hutory. Fordecades. demand has ui8ted for reprinl.8 o£Ralph Nel- 1100 EUiott'. major writinp, but until now no one hu Men fit to bring .U the boob and articles together in one profeuioully ilIlll1trated vol\lltle. I undertQok tbi, prqjeet in reapol\$e to de- m.nd from ...... denl of Frwt'. and my book and out ormy d.... p concern that the form oftlMo original di8eovery DOt be loet in the duBtbin ofbilltOry. It ie for those who have an llPPnlCiation for the hi.torieal record and who oriBh an undenta.nding of the de- velopment of th" Wave Principle throuch itll dilKXlVerer, R.N. Elliott, that thia book ill publiJ1hed. Hiatory ill replete with example. ofinnovaton and discov- eren, men ~IU'II or even centuries heron their time, wbOR ide .. reached lID far ahead of their contemporariel' thu they were ignored by the profeMionl.l MtabliAhmellt of their cay. While Elliott wu not ignored, he mofi certainly wu not affon:Jed the recognition he deaened, In my experillnce, there are two eategoriN or people who have atood in the way or providing Elliott'. W.ve Principle a wider audience. The fi,..t i. made up of thoae who ~ it, in_ cluding both thoae .... ho dillmiu any RUch idl!U out of hand and thoIIe who graJlp the theory but chOOlle not to believe it beca\llle they will not erpend the energy required to find out ifit ill true. A neutl'al rNpo ...... to UIlrt!uonable rejection of th. Wave Principle would have been impoeaible for the discoverer ofthill remarkable phenomenon, who undoubtedly reared that hia diA- COVeT)' would go entirely l,UllKltioed if he were not able to c<.>n- vince at ll!Ut a portion of the invelrtment world of ita validity. The eloquence ofTM Walle Prindpk and the inteDllity of Nature'. Law partly derive from Collina' and Elliott'1 desire to convince the invelltment utabliahrnent not only thlt the Wave Principle wall I vllid theory, but a1Ao that it wu the truth behind the prugreaion of the Itoek market, and that in fact it reflected the la .... govemini the form oCtile natural ptIth of all human activi • • ti"". My goal with thit book, however, is Dot oeeeMarily to con- vince reade ... that "EllioU ia the ~," but merely to lIlllke aVllil- lIble knowledge oCthe WlIve Principle to those who have enough lIel\Ml lind energy to WIe it. Aa for the lleCOnd category, I find that among thOle people who understend the theory's immeDlle value and apply it eue- eeufully, lDOllt have done their bellt to keep it Heret. I have been IUlked lIeveral times by Itudentll of the Wave Principle to refrain from pubJilhing any matenalat all on Ellilltt'l great in- novative work for fear that "tou many" people would etart using the Wave Principle in their inveetmeot timing, thua diluting the utility of the theory. I must lay that at times I have had lIeCOnd thoughta. The WlIve Principle frequently can call turnlI and projec:t. tergeta with IUcll incredible accuracy that I mil find my .... 1f amazed. As II tool for eIplaining the otherwise surprilling and indecipherable w~ ofthe market, it hae no &qUill. However, the relIder mUlt realize thllt, dl!llpite the buic IJimplicity of the concept iteelf, "Elliott" analysis is not that euy to do if your goal it to do it .. ell. On the other hand, it is very l8IUIy to do haphuardly, and mOlJt pou1.--time practitionere do ""'_ aeU)' that. Even if the Wave Principle were to become popular, there would be 10 many opportunittie haelu Doating about their ill-considered opiniona that the l.l'Ilth probahly would be 10IIt to the investment majority in the elUJuing babble. The degree of uncertainty in wave pattern rKOiIlition, moreover, enauru enough forecasting erron that the averagt! penon will dismillll it after dillCOYering the imperl"ection of ita application. For moo people, the best approaeh, even by far the beat approach, is not enough, ... they demand the Holy Grail of perfection. In Ilddition, let me say thllt even among devotees, it is one thing to recogniu that the Wave Principle aovems stocl< pri""s while it is quit.e another to predict the nm wave and still an- other to profit from the ue.rciee, ae anyone .. ho ever hu at- tempted to turn a good market forecasting Ipproach into money knowll rull well. None of us can eecape our human nature, a natunl that involvea us in the univenal deaign whether we wish it to or not. I have met few men who invest or trade with a eom- pletely rational Pl'Olll"aDl baaed 00 re8llOnable probabilities with- out allowing greed, fear, erlraneous opinions or irrelevant n judgmentll to interfere. Tolman ofluperiordillcipline, the Wan Principle will yield a fortune; but then 80 will many other meth- f-civilization stop for the Pony Express and travelen on the Oregon Trail. The family'e eeeond (and lut) child, Ralph NelllOn Elliott, was bom in Marysville three yean later on July 28, 1871. TIM! family then moved I few hundred milea .... t to Fairbury, Illinoill, a small and pfOllperoUll fanning oommunity about 100 miles lIOUthWetlt of Chicago, apparently a better loca- tion for a merchant. The femily lived on Elm Street, where El- liott .pent hil early childhood. By the end of ISSO, Elliott had moved with hie parente and .ieter to San Antonio, Te ..... During hie teen years, he learned to epeek end write Spanieh Ouently and developed a love for Mexico, the border of .... hic:h wall 150 miles to the IIO\lth. He vieited Mexico at timllB during hill youth and in fact lived there wben be was 15 to 16 yean old. ,. " R. N. EuK)tT'$ MAlITDfIOUS In 1891, at the age or 20, Elliott len home permanently to work on the railroads in Mexico at the heirbt of North America'. great railroad boom. Shortly thereafter, in the early 18908, his family moved to La. AngeIN, California, where hiA parente and lrister t

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R.N. Elliott's Masterworks

Ralph Nelson Elliott & Robert Rougelot Prechter