Elliott Wave Principle Applied to the Foreign Exchange Markets

Elliott Wave Principle Applied to the Foreign Exchange Markets

The modern foreign exchange markets date from the early seventies and the eventual breakdown of the Bretton Woods and Smithsonian Agreements on fixed parities. As from 1973 the currencies of the major "free" industrialised economies began to fioat freely against each other. For the rest of that decade the forex markets were in what is best descibed as their juvenile phase of growth; full of uncertainty and inexperience with varying degrees of liquidity. The markets were dominated out of London and New York whilst the Far-East was a distant third. In general, investors and corporates considered the market to be highly speculative, somewhat illiquid and definitely irrational,
With the arrival of desk-top computing power in the early eighties technical analysis and chartism began to make a significant appearance in the Forex markets, The initial reaction of most seasoned traders then, and even by many now, was one of scepticism. These market were considered to be highly unpredictable...

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