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A pattern-recognition technique published by Ralph Nelson Elliott in 1939, which holds that the stock market follows a rhythm or pattern of five waves up and three waves down to form a complete cycle of eight waves. The three waves down are referred to as a "correction" of the preceding five waves up. Elliott suggested that this pattern existed in the minute-to-minute trading on Wall Street and also in what became known as the Grand Super-Cycle which is approximately 54 years long. More information is available on www.elliottwave.com