R.N. Elliott's Discovery Foretells a Major Market Turn Still to Come Elliott's 70-year-old forecast applies in 2012 October 1, 2012 By Elliott Wave International Adversity often visits people just as their future seems brightest. At the same time, other people learn that when one of life's doors closes, a window will open. Both of these truisms describe the life of Ralph N. Elliott (1871-1948), the founder of the Wave Principle. In the 1920s, Elliott became a successful business consultant. But his life of accomplishment and financial independence were in peril when he fell gravely ill. During months of recuperation, Elliott occupied his mind with a meticulous study of the stock market. In other words: The door closed and the window opened. At 67, Elliott made a discovery. Through a long illness the writer had the opportunity to study the available information concerning stock market behavior. Gradually the wild, senseless and apparently uncontrollable changes in prices from year to year, from month to month, or from day to day, linked themselves into a law-abiding rhythmic pattern of waves. This pattern seems to repeat itself over and over again. With knowledge of this law or phenomenon (that I have called the Wave Principle), it is possible to measure and forecast the various trends and corrections (Minor, Intermediate, Major and even movements of still greater degree) that go to complete a great cycle. Ralph N. Elliott, R.N. Elliott's Masterworks, pp. 154-155 In 1941, Elliott drew a chart of his long-term forecast based on the Wave Principle. The final label on that chart is the year 2012! (That chart is republished in the February 2012 Elliott Wave Theorist) Amazingly, wave analysis thus far confirms Elliott's 2012 forecast. In the August 2012 Elliott Wave Theorist, subscribers receive a specific stock market overview through early 2013. Indeed, EWI's timing tools appear pointed to the exact month of a major stock market turning point. Two observations lead us to the same month for the last upside gasp in the stock market. The Elliott Wave Theorist, August 2012 Imagine: Today's price pattern is in line with a forecast R.N. Elliott published 70 years ago! To that end, EWI offers you a no-obligation education in Elliott Wave analysis. See below for details. Learn the Why, What and How of Elliott Wave Analysis The Elliott Wave Crash Course is a series of three FREE videos that demolishes the widely held notion that news drives the markets. Each video will provide a basis for using Elliott wave analysis in your own trading and investing decisions. Access the Elliott Wave Crash Course now >> [HR][/HR]This article was syndicated by Elliott Wave International and was originally published under the headline R.N. Elliott's Discovery Foretells a Major Market Turn Still to Come. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.