Elliott wave

The Elliott wave theory is the basis of a widely-used technical analysis
technique invented by R. N. Elliott in 1939. It is based on the observation
that markets exhibit well-defined wave patterns that can be used to predict
market direction. The Elliott wave theory states that stock prices are
governed by cycles which adhere to the Fibonacci series
[0,1,2,3,5,8,13,21,...].

According to the Elliott wave theory, markets move in a predetermined number
of waves up and down. Specifically, markets move in five waves up and three
waves down and price charts have a self-similar fractal geometry.

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