V14:1 (37-42): Robert R. Prechter Jr. on the Elliott Wave Principle by Thom Hartle

V14:1 (37-42): Interview: Robert R. Prechter Jr. on the Elliott Wave Principle by Thom Hartle

It's inevitable: Anyone who enters into the realm of technical analysis runs into a reference to the Elliott Wave Principle sooner or later. Whether you're an adherent or a skeptic, the Elliott wave is certainly one of the best-known methods by which to analyze the markets. Robert Prechter, who is considered to be the world's leading authority on the Elliott Wave Principle, is president of market forecasting and publishing firm Elliott Wave International and is also the author of a number of books on the subject and editor of two monthly forecasting publications, The Elliott Wave Theorist and Global Market Perspective. Prechter began his career in the financial markets as a technical market specialist with the Merrill Lynch market analysis department before he struck out on his own to concentrate on Ralph Nelson Elliott's work. Here, Prechter shares his views on the outlook for the stock market, commodities, the economy and more.

It's human nature to be influenced by the actions of the crowd, particularly in emotionally charged settings. The crowd behaves the same way in every market cycle. Some trends last longer than others and some travel farther than others, but the psychological progression through each bull and bear market is always the same. - Robert Prechter