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Investment: An A-Z Guide by Philip Ryland

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F

Fibonacci numbers

Named after their discoverer, a medieval Italian mathematician, Fibonacci numbers almost mystically crop up in all sorts of natural phenomena, from the way petals reproduce on a flower to the shape of a galaxy. That being so, why should they not help explain patterns of stockmarket movements? Fibonacci numbers are part of a sequence in which the next number is found by adding together the previous two in the series. Thus the sequence runs 1 1 2 3 5 8 13 21 and so on.

They have a ready application in ELLIOT WAVE THEORY because Elliot reckoned that each market cycle consisted of a five-wave up move followed by a ...

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