The following three charts speak a thousand words:

(Click on the chart to expand. Chart courtesy of the New York Times.)
Also, visit Ty Andros’ article on the subject.

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In the 1930s, Ralph Nelson Elliott, a corporate accountant by profession, studied price movements in the financial markets and observed that certain patterns repeat themselves. He offered proof of his discovery by making astonishingly accurate stock market forecasts. What appears random and unrelated, Elliott said, will actually trace out a recognizable pattern once you learn what [...]

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