The Elliott Wave Principle is a form of technical analysis that some traders use to analyze financial marketplace cycles and forecast marketplace trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. Ralph Nelson Elliott, a professional accountant, discovered the underlying social principles and created the analytical tools. He proposed that marketplace prices unfold in particular patterns, which professionals today contact Elliott waves, or just waves. Elliott released his theory of marketplace behavior in this publication, The Wave Basic principle. Elliott mentioned that ‘because man is subject to rhythmical procedure, computations relating to his activities could be projected far into the future using a justification and certainty heretofore unattainable.’