What is Elliott Wave theory? Elliott Wave Theory is a price prediction model established by the accountant Ralph Nelson Elliott in 1934. The model is based on a common pattern Elliott discovered while studying the history of stock market price patterns. What Elliott found was that price movements moved in up-and-down waves, broken up into groups of five and then three.
Many psychological factors play into this activity — there are even some tools to track these factors, such as the Crypto Greed and Fear Index. The Greed and Fear Index calculates trader sentiment through the volume of search phrases, surveys, an asset’s market dominance, social media discussion and recent volatility, among other factors. For example, many searches for Bitcoin demonstrate greed, while recent volatility demonstrates fear. Traders often follow the herd mentality as well.
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