Economists have long insisted the market is "efficient" and "random," with no relationship between one move and the next. This logic suggests we can learn nothing from studying the stock market's past, and that its direction is impossible to forecast.
So you can imagine how millions of investors would feel if they could see the striking similarities between a recent price chart of the Dow Jones Industrial Average -- and one from over 70 years ago.
Robert Prechter illustrates this and more in his new book, Beautiful Pictures From the Gallery of Phinance. Chart after chart displays stunning relationships in both price and time that appear repeatedly over the decades -- and all according to a specific series of numbers called the Fibonacci sequence.
The vast web of market similarities Prechter exposes in Beautiful Pictures presents the opportunity to understand patterns. Those who take advantage of that opportunity will discover a thrilling new market perspective.
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Founder and president of Elliott Wave International, Robert Prechter has been publishing market commentary since 1976. He began his career with the Merrill Lynch Market Analysis Department in New York. In 1984, Bob set a record in the options division of the U.S. Trading Championship with a real-money trading account. In December 1989, Financial News Network (now CNBC) named him "Guru of the Decade." Bob served for nine years on the Board of the Market Technicians Association and in 1990-1991 served as its president. During the 1990s, he expanded his firm to provide analysis for institutions on every major financial market in the world. Bob has written 13 books on finance, most notably the two-volume set, Socionomics – The Science of History and Social Prediction. His recent title, Conquer the Crash - You Can Survive and Prosper in a Deflationary Crash and Depression, was a New York Times and Wall Street Journal business best-seller. In 1999, Bob received the CSTA’s first annual A.J. Frost Memorial Award for Outstanding Contribution to the Development of Technical Analysis. In 2003, Traders Library granted him its Hall of Fame award.
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