Chapter 2
The Elliot Wave Theory is multifractal in nature, which is defined as a geometric shape that can be separated into parts, each of which is a reduced-scale version of the whole. The multifractal nature of the Elliot Wave Principle is illustrated below:
Before closing this chapter it is necessary to delineate the basic rules of the overall Elliot Wave structure. They are as follows:
While by no means providing a comprehensive explanation of all the nuances of EWT, this chapter lays out the basic tenets that will enable the beginning student to grasp the theory and apply it with at least some success. It will also help the intermediate-to-advanced Elliot students brush up on the basics and perhaps even gain new insight. In the chapters that follow we will delve into greater detail.
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