Elliot Wave Theory

The theory proposed by Ralph Nelson Elliot in the 1930s, says the stock market moves up and down in a series of predictable waves.  The theory suggests that these waves can be predicted by observation and study to find the pattern.  These predictable waves are said to move up in a series of five waves and down in a series of three waves.  Despite saying that these waves are predictable, Elliot does not put time requirements on how long it takes for the market to complete a given wave.