What is the Wave Principle?
The Wave Principle is, first and foremost, a detailed description of how markets behave. Now, there’s probably more that is not in that sentence than is in that sentence. For instance, a detailed description of how markets behave does not refer to what outside events are occurring, such as in the fields of economics, politics, or social trends. It’s strictly a study of how human beings behave collectively in the trading arena.
1、（问）波浪理论是什么?
（答）波浪理论最首要的是用于对市场行为的细致描述，因而它并不包含的内容可能比它实际涵盖的要多些。例如，对市场行为的细致描述就不涉及發生在诸如政治、经济领域以及和社会潮流有关的外部事件。波浪理论仅仅对市场交易范畴的人类群体行为进行研究。【交易知识macd.org.cn收集整理】
What specifically did Elliott discover?
Elliott’s most important discovery was that the patterns that develop in the stock market occur at all degrees of trend. The larger patterns are made up of components that are themselves composed of smaller ones. The same patterns on a smaller scale combine to create any one of those patterns on a larger scale. The larger pattern will combine with several others of the same degree to create an even larger pattern and so on. He described in detail exactly what those patterns look like. He identified 13 of them. Only recently has data been available for general stock prices back to the late 1700s, and the patterns are there as well.
2、（问）艾略特有什么特别的发现？
（答）股票市场上发展的价格行进模式将在趋势的各个级别上重复出现，这是艾略特最重要的发现。较大级别波浪的各个组成部分本身就是由较小浪级的波浪所构成。小尺度的波浪汇聚而产生与它们形态相同的大尺度波浪，大尺度的波浪与同级别的其它几个波浪组合在一起又形成更大的波浪，凡此種種，不一而足。艾略特极其详尽地描述了波浪模式的类型，并定义为13種。观察最近才找到的18世纪末股票价格的全面数据，相同的波浪模式可见。
How did he label the “degrees” of trend?
Elliott began by naming a particular structure with an arbitrary label, Primary degree, a term borrowed from Dow Theory. The next larger degree he called Cycle, and the next larger Supercycle. The lower degrees he named Intermediate, Minor, and so on. We therefore have a way to refer to the degrees of trend that we are talking about.
3、（问）艾略特是如何标示波浪级别的？
（答）一开始，艾略特就借用道氏理论中‘主要趋势’这个词，把这一特殊结构自行命名为大浪，然后大一级的称为循环浪，更大的称为大循环浪，把小级别的称为中浪、小浪等等。这样，我们就有了一種提及谈论中的波浪级别的方法。【交易知识macd.org.cn收集整理】
What was the biggest degree trend he talked about?
Grand Supercycle, which he guessed dated back to the founding of the United States. Since then, more detailed stock market data has confirmed that he was right. That’s not the biggest degree, though, as all waves are components of larger ones.
