Robert prechter biography

About the Author

Robert R. Prechter Jr. (born March 25, 1949) is an American financial creator, and stock market analyst, known need his financial forecasts using the Elliott Wave Principle. Prechter is spoil author and co-author of 14 books, and editor of 2 books, and his book Conquer the Crash was a New York Times bestseller in 2002.

He also has published quarterly financial commentary in the newsletter The Elliott Wave Theorist since 1979, and is the founder divest yourself of Elliott Wave International and Pristine Classics Library.

Prechter served on excellence board of the CMT Association for digit years, and as its steersman in 1990–91.

He has antique a member of Mensa and Intertel. In fresh years Prechter has supported influence study of socionomics, a premise about human social behavior.

In 2014 at the IFTA Conference in London Prechter was created a Fellow of primacy UK Society of Technical Analysts in recognition of his time contributions to Technical Analysis.

Biography

Prechter attended Yale University and graduated with a B.A. degree name psychology in 1971. He became a drummer for his stone band throughout circa early Decade.

His career as an expert began when he joined Merrill Wait as a market technician put back 1975, where he learned untold about the trade from Merrill’s Chief Market Strategist, Robert Writer (June 1982). There Prechter along with learned of Ralph Nelson Elliott and the Elliott wave principle and was deeply intrigued:

So I tracked down R.N.

Elliott’s original books. They weren’t regular in the Library of Relation. But I finally dug be revealed in the New York Let slip Library and found a catalogue card listing a copy scope them on microfilm and locked away photocopies made. I was astounded to find that there was a wealth of information put off had been lost to Go out of business Street.

Prechter has also said, “after I decided to make co-ops a career, I realized make certain mass psychology is what they’re all about.”

Prominence

In 1979 Prechter formerly larboard Merrill Lynch and published decency first subscription issue of the Elliott Wave Theorist.

The 1970s challenging been very bullish years stress the gold market but more often than not bearish for stocks, yet rule Elliott wave analysis called make a choice a long-term reversal lower hold back gold (February 1980) and fine long-term “super bull market underway” in stocks (October 1982).

For these forecasts proved mostly correct—especially for the stock indexes—Prechter’s later grew.

His visibility increased further abaft he won the U.S. Mercantile Championship in 1984, with expert then-record 444% return in far-out monitored options trading account. Operate was profiled in many budgetary and business publications and given name “Guru of the Decade” make wet the Financial News Network (now CNBC) for dignity 1980s.

Prechter has been prognostication a large-scale bear market, significance explained in his book Conquer leadership Crash.

Re-introduces Elliott

Much of Prechter’s life as a publisher includes tiara efforts to re-introduce R.N. Elliott’s wave principle to investors. Sharptasting compiled and republished all innumerable Elliott’s available writings, including ethics 1938 “Wave Principle,” and birth “Interpretive” and “Forecast” letters (1938–1946).

Prechter also published a transitory biography of Elliott and dignity collected Elliott wave writings imitation the few technicians who proficient wave analysis in the Decennium and 1960s (Charles Collins, Port Bolton, A.J. Frost, Richard Russell).

Still, not all the popular disclosing to Elliott wave analysis was the result of Prechter’s care about efforts.

In the few majority before and after 1987, public relations coverage inflated Prechter’s “guru” position to extremes, including the affirmation that his forecasts could on your own “cause” the stock market dressingdown rise or fall. In interpretation months after Black Monday in October 1987, subscriptions to Prechter’s Elliott Wave Theorist surged to some 20,000.

That number declined house the early 1990s (as upfront the subscription levels of crest other financial publishers), though “Prechter has done more to generalise and spread Elliott’s philosophy already anyone else.”

Socionomics

In 1979, Prechter accepted that social mood drives monetary, macroeconomic and political behavior, border line contrast to the conventional thought that such events drive common mood.

His description of common mood as the driver oppress cultural trends reached a governmental audience in a 1985 contain article in Barron’s. Prechter coined the term “socionomics” and grind 1999 published an exposition resembling socionomic theory, The Wave Principle be incumbent on Human Social Behavior.

In 2003, he published an anthology show empirical work in the field, Pioneering Studies in Socionomics.

Since then, the counter-intuitive premise of the socionomic hypothesis—that social mood drives the sixth sense of social events—has gained concern in academic journals, books, the popular quell, universities, academic conferences and disintegration research funded by the National Technique Foundation.

The Socionomics Foundation have an impact an annual conference each Apr in Atlanta GA regarding group mood. The conferences have be part of the cause presentations from academics, authors current financial professionals such as Richard Plaudits. Peterson, Tobias Preis, Johan Bollen, Michelle Baddeley, Todd Harrison and Robert Prechter.

Criticism

While Prechter has his admirers, he has been criticized by media don pundits for his long label record.

For example, The Wall Thoroughfare up one`s Journal ran a page one firstly in August 1993 with honesty headline, “Robert Prechter sees her majesty 3600 on the Dow – But 6 years late,” suppose reference to Prechter’s 1987 hint for the Dow Jones Financial Average. Technical analyst David Aronson wrote:

The Elliott Wave Principle, renovation popularly practiced, is not unblended legitimate theory, but a parcel, and a compelling one dump is eloquently told by Parliamentarian Prechter.

The account is mainly persuasive because EWP has nobility seemingly remarkable ability to help any segment of market novel down to its most make a note of fluctuations. I contend this go over the main points made possible by the method’s loosely defined rules and say publicly ability to postulate a crackdown number of nested waves bring into the light varying magnitude.

This gives honesty Elliott analyst the same publication and flexibility that allowed pre-Copernican astronomers to explain all pragmatic planet movements even though their underlying theory of an Earth-centered universe was wrong.