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Har Har Har
Who’s got the last laugh, now?
“They all laughed at Christopher Columbus when he said the world was round
They all laughed when Edison recorded sound.”
George Gershwin.
They all laughed in 1982 when Bob Prechter predicted a new all-time high for the stock market. In 1989 he was awarded the "Guru of the Decade" title by Financial News Network (now CNBC). Not one to rest on his laurels, Prechter devoted much of the next ten years formulating and developing the New Science of Socionomics. Some have compared this breakthrough to the discoveries of Copernicus. An exaggeration? History will be the judge.
But why wait? You be the judge. Read The Wave Principle of Human Social Behavior and the New Science of Socionomics -- then decide for yourself. A glance at a few of the Chapter Titles might arouse your curiosity:
Basic Tenets of the Wave Principle
Forecasting Price Extremes on the Basis of Typical Wave Relationships
Unconscious Herding Behavior as the Psychological Basis of the Wave Principle
Popular Cultural Trends as Manifestations of Social Mood Trends
Forecasting Success Supports the Validity of Socionomics
In this book, Prechter clarifies the ground breaking work of Ralph Elliott and uses it as the foundation of the new science of Socionomics -- the study of social mood and how it results in social actions. Socionomics studies how waves of endogenously (produced or growing from within) regulated social mood in turn regulate changes in the economy, political preferences, financial markets, pop culture, etc. Actions do not affect mood - mood impels action. An increasingly positive social mood leads people to buy stocks and expand businesses, while an increasingly negative social mood leads people to sell stocks and contract businesses.
You can use the socionomic insight to understand why people act the way they do, and to discern the differences between the present and the past – back in “the day.” An appreciation of the power of social mood will allow you to comprehend the forecasting ability of the Wave Principle and why it works in the financial and commodity markets.
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