Elliott wave analysis is based on pattern recognition. Markets are patterned, not random, postulates the Wave Principle; once you know where you are in the pattern, you can forecast what likely comes next. Wave analysis can be especially effective at markets' turning points. Sometimes a wave pattern has to play out completely before a turning point can be identified. The "playing out" part can happen gradually or quickly. A cloudy sky becomes clear, visibility improves... and a key market juncture is identified. Your patience is rewarded.
http://www.elliottwave.com/freeupdates/archives/2010/03/29/Identifying-Markets--Turning-Points.aspx
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