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A?>;L7>20=85 40==>9 8=D>@<0F88 G8B0B5;5< =5 ?@54CA<0B@8205B >B25BAB25==>AB8 A> AB>@>=K 02B>@0. ISBN 5-86225-346-7  65.053 -@;8E . ., 1996 $8@<0 "$8=0=A8AB": 845O 8 <5=546<5=B $ -, >@838=0;-<0:5B, 1996 ==0 ;5:A0=4@>2=0 -@;8E "5E=8G5A:89 0=0;87 B>20@=KE 8 D8=0=A>2KE @K=:>2 @8:;04=>5 ?>A>185 540:B>@ .. ;BCE>2 ><?LNB5@=0O 25@AB:0 .. >;:>2>9 %C4>6=8:8 .. 5A=8F:89, .. CG:8=, .. "C7>2 >@@5:B>@ .. >@>B:>20 $>B> .. 0G8=:8=0  ! 070824 >B 21.01.93 3. >4?8A0=> 2 ?5G0BL 21.10.96. $>@<0B 60x90/16. 5G0BL >DA5B=0O. #A;. ?5G. ;. 11,0. "8@06 6000 M:7. 0:07 !270-96 740B5;LAB2> "$ -", 127247, >A:20, <8B@>2A:>5 H., 107 "5;.: (095) 485-74-00; 485-70-63 B?5G0B0=> 2  ">;8<03" 127247, >A:20, <8B@>2A:>5 H., 107 2B>@ 2K@0605B 1;03>40@=>ABL >@30=870F8O< 8 A>B@C4=8:0<, ?@8=O2H8< CG0AB85 2 ?>43>B>2:5 8 2K?CA:5 MB>3> ?>A>18O: D8@<5 "$8=0=A8AB" 8 55 48@5:B>@C 3-=C ./. &818=C, A45;02H8< 2>7<>6=K< 2KE>4 :=838 2 A25B; 3-=C . K10;LG5=:> 8 3-65 . 010=>2>9 (Reuter), 3-=C . =8A8-<>2C (Dow Jones Telerate), 3-=C . 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A;54AB285 MB>3> <0B5<0B8G5A:>5 >?8A0=85 AE>4=> 4;O 01A>;NB=> =5?>E>68E 8, :070;>AL 1K, =5A>?>AB028<KE D>@< 8 25I59 (@8A.1.3). "0:8< >1@07><, B5E=8G5A:89 0=0;87 =0H5; A8;L=>3> A>N7=8:0 2 ;8F5 B5>@5B8G5A:>9 <0B5<0B8:8 8 >1@5; 2>7<>6=>ABL AD>@<C;8@>20BL B>, GB> C65 402=> ?KB0;AO, 0 8<5==>: <>6=> ?@>3=>78@>20BL F5=K 4;O 2A5E @K=:>2 8 ;N1KE ?5@8>4>2 2@5<5=8, >B <8=CBK 4> =5A:>;L:8E ;5B. @8 MB>< <>6=> 8A?>;L7>20BL >4=8 8 B5 65 <5B>48:8, ?>A:>;L:C 8 70:>=K ?>2545=8O, 8 AB@C:BC@0 F5=>2>3> 3@0D8:0 2A5340 >4=8 8 B5 65. 17   !=568=:0 5@52>  0;0:B8:0 8A. 1.3. 5><5B@8O '0AB59  5><5B@8O ?@8@>4K 0B5@80;K 87 :=.: A. Frost, R. Prechter "Elliott Wave Principle" 18 "0:>9 =5>6840==K9 2K2>4 40@8B B5E=8G5A:><C 0=0;87C C=8:0;L=K5 A2>9AB20 8 405B ?@>AB>@ @074C<LO< > 2>7<>6=>9 @>;8 0=0;8B8:0 =0 D8@<5, ?@54?@8OB88, 2 10=:5 8;8 8=25AB8F8>==>< D>=45. 1.4. 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"5E=8G5A:89 0=0;87 1C45B ?>;575= 8 B5<, 8 4@C38<. 07=8F0 4;O 0=0;8B8:0 1C45B 70:;NG0BLAO 2 @0AA<>B@5=88 4>;3>A@>G=KE 8 :@0B:>A@>G=KE 3@0D8:>2 42865=89 @K=:0 A>>B25BAB25==> 2 :064>< A;CG05. 5 -B> A45;0;8 . @AEBA@ 8 . $@>AB 2 :=835 "Elliott Wave Principle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A>60;5=8N, A59G0A 8< ?>;L7C5BAO 2A5 <5=LH5 8 <5=LH5 B@5945@>2, 8 <K ?>945< =0 ?>2>4C C <>4K, =5 2=8:0O 2 >A>1K5 ?>4@>1=>AB8 8 >3@0=8G82H8AL ;8HL =5A:>;L:8<8 70<5G0=8O<8. >2>@>B=K5 C@>2=8 4;O B@5=40 <>6=> >?@545;8BL A;54CNI8<8 A?>A>10<8 (@8A. 3.8 0,1,2): !G8B0O :>;8G5AB2> :@5AB8:>2/=>;8:>2 ?> 25@B8:0;8, AB0B8A- B8G5A:8 >?@545;8BL, =0 :0:>< C@>2=5 4>;65= =0ABC?8BL @072>@>B. @>254O B0:>5 65 8AA;54>20=85, => AG8B0O :>;8G5AB2> :@5AB8- :>2/=>;8:>2 ?> 3>@87>=B0;8. 01;N40O 70 ?>O2;5=85< >A>1KE D83C@. @>G5@B82 87 B>G5: ?@54K4CI8E M:AB@5<C<>2 ;CG8 ?>4 45, ?>;CG8BL ;8=88 A>?@>B82;5=8O 8;8 ?>445@6:8. @>25AB8 B5E=8G5A:89 0=0;87 =0 >A=>20=88 3@0D8:0 :@5AB8:>2-=>;8:>2 =08;CGH8< >1@07>< 0< ?><>65B A?5F80;L=0O ;8B5@0BC@0 A 45B0;L=K<8 @5:><5=40F8O<8 ?> 2A5< ?C=:B0<. "0:, AE5<0B8G5A:85 8;;NAB@0F88 MB>3> @0745;0 1K;8 27OBK 87 :=838 6. 5@D8 ""5E=8G5A:89 0=0;87 DLNG5@A=KE @K=:>2"(A<. A?8A>: ;8B5@0BC@K). 3.5. /?>=A:85 A25G8 (Japanese Candlesticks Charting) @>3=>78@>20=85 A ?><>ILN 3@0D8:0 O?>=A:8E A25G59  >48= 87 A0<KE ?>?C;O@=KE <5B>4>2 B5E=8G5A:>3> 0=0;870 :>=F0 80-E  90-E 3>4>2. -B>B <5B>4  >48= 87 A0<KE =03;O4=KE 8 5AB5AB25==KE. A5 =0720=8O A25G59 8 D>@<0F89 >1CA;>2;5=K 687=5==K<8 O2;5=8O<8 (A O?>=A:>9 B>G:8 7@5=8O). !;>2> Candlestick ?5@52>48BAO :0: "?>4A25G=8:", => 4;O C4>1AB20 8 0<5@8:0=FK, 8 52@>?59FK 3>2>@OB ?@>AB> > "A25G0E" (Candles). >AA89A:85 B@5945@K B>65 ?>GB8 2A5340 3>2>@OB > "A25G0E". > MB>9 ?@8G8=5 2AO B5@<8=>;>38O 40==>3> @0745;0 1C45B A<5H0==>9 0=3;>-@CAA:>-O?>=A:>9, B.5. AB0=40@B=> C?>B@51;O5<>9 @>AA89A:8<8 48;5@0<8 8 0=0;8B8:0<8. 081>;55 G0AB> A25G8 AB@>OB =0 5654=52=KE 3@0D8:0E (@8A. 3.9). -B> A2O70=> A B5<, GB> 2 >@838=0;5 <5B>4 1K; A>740= 8 8A?>;L7>20;AO 8<5==> 4;O B>@3>2>3> 4=O. AO ?A8E>;>38G5A:0O ?>4>?;5:0 ?@>3=>78@>20=8O "=0 A25G0E" >A=>20=0 =0 CG5B5 A>>B=>H5=8O F5= ?@8 >B:@KB88 8 70:@KB88 >4=>3> 8 B>3> 65 4=O, 0 B0:65 A>>B=>H5=8O F5= 70:@KB8O ?@54K4CI53> 4=O 8 >B:@KB8O A;54CNI53>. > A;>20< =5:>B>@KE B@5945@>2, A25G8 @01>B0NB =08;CGH8< >1@07>< =0 @K=:0E A O2=> 2K@065==>9 A5AA8>==>9 B>@3>2;59, =0?@8<5@ B>20@=KE. @8<5=8B5;L=> : 20;NB=K< @K=:0< (FOREX) ?>=OB85 "70:@KB8O->B:@KB8O" =5A:>;L:> @07<KB>, 254L B>@3>2;O =5 ?@5:@0I05BAO :@C3;K5 ACB:8. 41  8A. 3.8 0. !?>A>1K ?@>3=>78@>20=8O =0 3@0D8:0E @5AB8:>2->;8:>2 A;520  25@B8:0;L=K9 >BAG5B, A?@020  3>@87>=B0;L=K9. 0B5@80; 87 :=.: D. Murphy "Technical Analysis of the Futures Markets". 42  8A. 3.8 1. !?>A>1K ?@>3=>78@>20=8O A ?><>ILN 3@0D8:>2 @5AB8:>2->;8:>2: >A=>2=K5 A83=0;K > ?>:C?:5 8 ?@>4065, ?>;CG05<K5 A ?><>ILN D83C@. !B@5;:0 >1>7=0G05B A>>B25BAB2CNI89 A83=0;. AB>G=8:: .!. Ziegl& P.J. Kaufman "Point and Figure Commodity Trading Techniques" ?> <0B5@80;0< :=.: D. Murphy "Technical Analysis of the Futures Markets".  8A. 3.8 2. !?>A>1K ?@>3=>78@>20=8O A ?><>ILN 3@0D8:>2 @5AB8:>2->;8:>2: 8A?>;L7>20=85 ;8=88 ?>4 45 2 :0G5AB25 A>?@>B82;5=8O/ ?>445@6:8. 7 :=.: D. Murphy "Technical Analysis of the Futures Markets". 44  8A. 3.9. @0D8: 42865=8O :C@A0 >;;0@ !(/5<5F:0O <0@:0, 70D8:A8@>20==K9 2 D>@<5 /?>=A:8E !25G59. @0D8: ?@54>AB02;5= 035=BAB2>< Reuter 45 ;O ?>AB@>5=8O A25G8 B@51CNBAO B5 65 40==K5, GB> 8 4;O 38AB>3@0<<K. !25G0 (@8A. 3.10) >B;8G05BAO >B 38AB>3@0<<K D>@<>9.  ?@>-<56CB:5 <564C F5=0<8 >B:@KB8O 8 70:@KB8O @8AC5BAO ?@O<>C3>;L=8:, =07K205<K9 B5;>< (real body) A25G8. 5@B8:0;L=K5 ?0;>G:8 A25@EC 8 A=87C B5;0 =07K20NBAO B5=O<8 (shadows). "5;> A25G8 70:@0H8205BAO ?>-@07=><C 2 7028A8<>AB8 >B 2708<=>3> @0A?>;>65=8O F5= >B:@KB8O 8 70:@KB8O.  :;0AA8G5A:>< 20@80=B5 8A?>;L7CNB 15;K9 F25B (B.5. 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ow Jones Telerate 56  8A. 3.20. @0D8G5A:>5 87>1@065=85 >B:@KB>3> 8=B5@5A0. "5:CI89 >B:@KBK9 8=B5@5A ?>:070= A?;>H=>9 ;8=859; A@54=89 B5:CI89 8=B5@5A 70 1978-83 3.3.  ?C=:B8@=>9 ;8=859. 7 :=.: D. Murphy "Technical Analysis of the Futures Markets" >A:>;L:C =0A >A>15==> 8=B5@5AC5B 87<5=5=85 25;8G8=K >1J5<0, 53> 3@0D8: <>6=> 87CG0BL 8 ?@54A:07K20BL A ?><>ILN :;0AA8G5A:8E D83C@ 8 ;8=89 B@5=4>2. G5=L 8=B5@5A=K >AF8;;OB>@K, A?5F8D8G5A:8 ?>AB@>5==K5 =0 87<5=5=88 >1J5<0, A ?><>ILN :>B>@KE <>6=> ?>;CG8BL 2?>;=5 4>AB>25@=K5 A83=0;K : ?>:C?:5 8;8 ?@>4065. B:@KBK9 8=B5@5A ! ?><>ILN MB>3> 8=AB@C<5=B0 <>6=> ?@>25@8BL ?@02482>ABL ?@54A:070=89 >1J5<0. 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"0:8< >1@07><, ;8=8O :0=0;0 1C45B >?@545;OBL A>?@>B82;5=85 4;O 1KGL53> 8 ?>445@6:C 4;O <54256L53> B@5=40. 8=88 B@5=40 8 ;8=88 :0=0;0 ?>4G8=ONBAO >1I8< ?@028;0< A>?@>B82;5=8O 8 ?>445@6:8. >MB><C A 8E ?><>ILN <>6=> >?@545;OBL 3@0=8FK 459AB28O B@5=40, B.5. 4> :0:8E ?>@ <>6=> A>E@0=OBL 4;8==K5 8;8 :>@>B:8513 ?>78F88 (@8A. 4.12). @8 B>@3>2;5 2 @50;L=>< 2@5<5=8 =0A 8=B5@5AC5B =5 B>;L:> B>B D0:B, =0A:>;L:> 4>;3> <K <>65< A>E@0=OBL B5 8;8 8=K5 ?>78F88. 0?@8<5@, ?>A;5 ?>4B25@645==>9 ?@>18B>9 ;8=88 1KGL53> B@5=40 <>65B 2>7=8:=CBL A8BC0F8O, :>340 C65 A;8H:>< ?>74=> 70:@K20BL 4;8==K5 ?>78F88, 8;8 :>340 ?@81K;L =5 >?@02405B 70B@0G5==>3> 2@5<5=8. >MB><C =0A 8=B5@5AC5B, GB> A;CG8;>AL A@07C ?>A;5 87<5=5=8O B@5=40: :>@@5:F8O 8;8 ?>;=K9 @072>@>B. >@@5:F8O  2@5<5==>5 87<5=5=85 B@5=40, 0 @072>@>B  3;>10;L=>5. A;8 C7=0BL >1 MB>< 2>2@5<O, <>6=> AM:>=><8BL 8 2@5<O, 8 @5AC@AK. 13 1I5C?>B@518B5;L=K5 B5@<8=K 4;8==0O (long) 8 :>@>B:0O (short) ?>78F88 >7=0G0NB A>>B25BAB25==> ?>:C?:C ( >B 0=3;, belong) 8;8 ?@>406C. %>BO =0 0=3;89A:>< O7K:5 ?>4>1=K5 B5@<8=K 72CG0B 1>;55 5AB5AB25==>, G5< =0 @CAA:><, 2 15A545 G0AB> 3>2>@OB: "C <5=O :>@>B:85 (4;8==K5 ) ?>78F88", 0 =0 A;5=35  "O A86C 2 ;>=35 ( 2 H>@B5)". 67  8A. 4.8. 8=8O B@5=40 0) KGL53> 1) 54256L53>  8A. 4.9. >7<>6=>5 CB>G=5=85 @0A?>;>65=8O ;8=88 B@5=40 0) 4;O 1KGL53> B@5=40 1) 4;O <54256L53> B@5=40 68  8A. 4.10. 7<5=5=85 @>;8 ;8=88 B@5=40. 8=8O A>?@>B82;5=8O <5=O5BAO <5AB0<8 A ;8=859 ?>445@6:8.  8A. 4.11. 8=8O :0=0;0 0) 4;O 1KGL53> B@5=40 1) 4;O <54256L53> B@5=40 69  8A. 4.12. @8<5@K 8A?>;L7>20=8O ;8=89 B@5=40 8 :0=0;0 4;O >B40G8 ?@8:07>2 > A45;:0E. 0@O4C A ;8=8O<8 B@5=40 8 ;8=8O<8 :0=0;0 8A?>;L7C5BAO =01>@ D83C@, :>B>@K5 ?@8=8<05B F5=>2>9 3@0D8: 2 B>< 8;8 8=>< A;CG05. $83C@K, A83=0;878@CNI85 > 3;>10;L=>< 87<5=5=88 B@5=40, =07K20NB @072>@>B=K<8. $83C@K :>@@5:B82=>3> (2@5<5==>3>) E0@0:B5@0 =07K20NB D83C@0<8 ?@>4>;65=8O. 4.3. A=>2=K5 @072>@>B=K5 D83C@K (Reversal Patterns) ;O B>3> GB>1K =0G0BL 8A:0BL @072>@>B=CN D83C@C, A;54C5B ?5@2K< 45;>< C4>AB>25@8BLAO 2 =0;8G88 G5B:> 2K@065==>3> ?@54H5AB2CNI53> B@5=40 (1KGL53> 8;8 <54256L53>). 5@2K9 A83=0; > ?@028;L=>AB8 2KO2;5==>9 D83C@K  ?@>1>9 :0:>9-;81> 206=>9 ;8=88 B@5=40. 4=0 87 =081>;55 206=KE 8 8725AB=KE @072>@>B=KE D83C@ 4;O 1KGL53> B@5=40  >;>20 8 ;5G8 (Head and Shoulders). 5 >B;8G8B5;L=K5 G0AB8  3>;>20 8 420 ?;5G0. 'B>1K =5 A?CB0BL MBC D83C@C A :0:>9-;81> 4@C3>9, >1@0B8B5 2=8<0=85 =0 ;8=8N H58, 2 @07=KE <5AB0E D83C@K >?@545;ONICN A>?@>B82;5=85 8;8 ?>445@6:C (@8A. 4.13). ;O 4>?>;=8B5;L=>9 ?@>25@:8 A@02=8B5 8450;L=>5 87<5=5=85 >1J5<0 B>@3>2;8 A @50;L=K<. @8 42865=8OE 2=87 =0G8=0O A ;52>3> ?;5G0 >1J5< 4>;65= C25;8G820BLAO ?> A@02=5=8N A ?@54K4CI8<8 ?045=8O<8; ?@8 42865=88 225@E  AB0=>28BLAO 2A5 <5=LH5. >A;5 7025@H5=8O 3>;>2K >1J5< B>@3>2;8 ?@8 42865=8OE F5=K 225@E 4>;65= 1KBL C65 7=0G8B5;L=> <5=LH5 >1J5<0 ?@8 <54256L8E 42865=8OE. >A;5 B>3> :0: K C25@8;8AL 2 B><, GB> AD>@<8@>20;0AL 8<5==> D83C@0 >;>20 8 ;5G8, 4>648B5AL ?@>1>O ;8=88 H58, GB> 1C45B >7=0G0BL 7025@H5=85 2A59 D83C@K 8 =0G0;> =>2>3> <54256L53> B@5=40. 8=8<0;L=0O 25;8G8=0, =0 :>B>@CN ?>A;5 MB>3> C?045B F5=0, 1C45B @02=0 @0AAB>O=8N <564C 3>;>2>9 8 H559. @8 >?@545;5=88 >?B8<0;L=KE 25;8G8= 42865=8O F5=K 225@E 8;8 2=87 3>2>@OB > F5;OE (targets). @8 4>AB865=88 F5;8 AB>8B >A>15==> 2=8<0B5;L=> A;548BL 70 ?>2545=85< B@5=40. 5@:0;L=>5 >B>1@065=85 B>;L:> GB> @0AA<>B@5==>9 =0<8 D83C@K  5@525@=CBK5 >;>20 8 ;5G8 (Inverted Head and Shoulders). -B0 D83C@0 <>65B 2>7=8:=CBL 2 :>=F5, B.5. 2 A0<>< =87C <54256L53> @K=:0, 8 1C45B A83=0;878@>20BL > ?>2>@>B5 2 AB>@>=C ?>2KH5=8O F5=K (@8A. 4.14). A5 @0AA<>B@5==K5 =0<8 ?@028;0 1C4CB A?@0254;82K 8 4;O MB>9 D83C@K A =5>1E>48<K<8 ?>?@02:0<8 =0 "75@:0;L=>ABL". >;55 A;01>9 (A B>G:8 7@5=8O C25@5==>AB8 2 40;L=59H5< @072>@>B5) O2;O5BAO D83C@0 B@>9=0O 25@H8=0 (Triple Top) 8;8 B@>9=>5 4=> (Triple Bottom). 5@H8=0  A83=0; > =0ABC?0NI5< 71  8A. 4.13. $83C@0 >;>20 8 ;5G8. 52>5 8 ?@02>5 ?;5G> (B>G:8  8 ) @0A?>;>65=K ?@8<5@=> =0 >4=>< 8 B>< 65 C@>2=5. >;>20 (B>G:0 !) 2KH5 >1>8E ?;5G59. $83C@0 7025@H05BAO =865 H58 (;8=88 2). 8=8<0;L=0O 25;8G8=0 A=865=8O F5=K ?>:070=0 AB@5;:>9 B<5BLB5 A>>B25BAB25==K5 42865=8O >1J5<0 B>@3>2;8: ?>=865=85 2 B>G:0E , !,  8 ?>2KH5=85 2 , D 8 F.  8A. 4.14. 5@525@=CBK5 >;>20 8 ;5G8 7 :=.: D. Murphy "Technical Analysis of the Futures Markets" 72 A?045, 0 4=>  > ?>4J5<5 F5=. -B0 D83C@0 =0?><8=05B >;>2C 8 ;5G8 A B5< @07;8G85<, GB> 2A5 42865=8O, 55 A>AB02;ONI85, @072820NBAO <564C 42C<O ?0@0;;5;L=K<8 ;8=8O<8 (@8A. 4.15). >4>1=0O, => 5I5 1>;55 A;010O D83C@0  42>9=0O 25@H8=0 (Double Top) 8;8 42>9=>5 4=> (Double Bottom). 0@0;;5;L=K5 ;8=88, <564C :>B>@K<8 @072820NBAO >10 B8?0 25@H8=K 8 4=0, O2;ONBAO ?@>ABK<8 C@>2=O<8 A>?@>B82;5=8O 8 ?>445@6:8 (@8A. 4.16). ;O ?@>25@:8 70<5BLB5, GB> ?@8 D>@<8@>20=88 D83C@ B0:>3> B8?0 >1J5< B>@3>2;8 4>;65= 70<5B=> A=860BLAO ?> A@02=5=8N A ?@54K4CI8< B@5=4><. > >:>=G0=88 4803@0<<K >1J5< 2=>2L 2>7@0AB05B. $83C@0 1@8;;80=B (Diamond) 1>;55 M:7>B8G=0 8 >B;8G05BAO 8A:@82;5==K<8 ;8=8O<8 A>?@>B82;5=8O 8 ?>445@6:8. 5 <>6=> A?CB0BL A >;>2>9 8 ;5G0<8, => MB> =5 ACBL 206=>, ?>A:>;L:C >15 D83C@K A83=0;878@CNB > @072>@>B5 (@8A. 4.17). 5:>B>@K5 0=0;8B8:8 22>4OB ?>=OB8O > B0:8E D83C@0E, :0: :0AB@N;8 (Pots), B0@5;:8 (Plates), A>CA=8:8 (Saucers) 8;8 :@C3;K5 25@H8=K 8 4=8I0 (Round Tops and Bottoms). > 1>;LH><C AG5BC :064CN 87 MB8E D83C@ <>6=> B0: 8;8 8=0G5 >B=5AB8 : @0=55 @0AA<>B@5==K< B8?0<, ?>MB><C ?>4@>1=> >AB0=02;820BLAO =0 =8E =5 1C45< (@8A. 4.18). 1I89 A>25B ?@8 8A?>;L7>20=88 @072>@>B=KE 4803@0<<: 4>648B5AL ?>4B25@645=8O A2>59 25@A88, =5 ?@8=8<09B5 @5H5=8O > ?>:C?:5 8;8 ?@>4065 A@07C. >4B25@645=8O 48=0<8:8 >1J5<0 8;8 ?5@5E>40 70 ;8=8N "H58" 2>7=8:0NB >G5=L 1KAB@>, 8 0H5 B5@?5=85 4>;6=> >:C?8BLAO. <59B5 2 284C, GB> ;>6=K5 D83C@K 2>7=8:0NB A;8H:>< G0AB>. 4.4. $83C@K ?@>4>;65=8O (Continuation or Sideways Patterns) $83C@K ?@>4>;65=8O 3>2>@OB > B><, GB> ?@54H5AB2>202H89 <5425689 8;8 1KG89 B@5=4 2A5 5I5 2 A8;5, 0 =01;N405<>5 O2;5=85 AG8B05BAO :>@@5:F859. ;O B>3>, GB>1K 845=B8D8F8@>20BL BC 8;8 8=CN D83C@C ?@>4>;65=8O, =5>1E>48<> 8<5BL O@:> 2K@065==K9 ?@54H5AB2CNI89 B@5=4. !83=0;>< > B><, GB> D83C@0 1K;0 >?@545;5=0 ?@028;L=>, ?>A;C68B 2>7>1=>2;5=85 ?@54K4CI53> =0?@02;5=8O B@5=40 ?>A;5 55 7025@H5=8O. 081>;55 @0A?@>AB@0=5==K<8 D83C@0<8 B0:>3> B8?0 O2;ONBAO B@5C3>;L=8:8 (Triangles). E @07;8G0NB 2 7028A8<>AB8 >B @0A?>;>65=8O >3@0=8G820NI8E ;8=89 (Boundary Lines). 5@E=OO 3@0=8F0 O2;O5BAO ;8=859 A>?@>B82;5=8O, 0 =86=OO  ;8=859 ?>445@6:8. -B> 2K?>;=O5BAO 4;O 2A5E :>;510=89 2=CB@8 B@5C3>;L=8:0 (@8A. 4.20). 73  8A. 4.16. 2>9=>9 25@E 0) 8 42>9=>5 4=> 1) 74    8A. 4.17. $83C@0 @8;;80=B :0: A83=0; @072>@>B0 1KGL53> B@5=40 8A. 4.18. @C385 B8?K @072>@>B=KE D83C@  8A. 4.19. @8<5@K @072>@>B=KE D83C@ =0 5654=52=>< 3@0D8:5 42865=8O :C@A0 >;;0@/-:N @0D8: ?@54>AB02;5= 035=BAB2>< Reuter 76  8A. 4.20. 84K B@5C3>;L=8:>2 77 081>;55 G0AB> <>6=> 2AB@5B8BL AC60NI89AO B@5C3>;L=8: (contracting triangle). 3> 3@0=8FK AE>4OBAO 2 >4=C B>G:C 8 A8<- <5B@8G=> =0:;>=5=K : 3>@87>=BC. !C60NI89AO B@5C3>;L=8: <>- 65B :>@@5:B8@>20BL 8 1KG89, 8 <5425689 B@5=4. 5<=>38< 1>;55 @54:> 2AB@5G0NBAO 2>AE>4OI89 (ascending) 8 =8AE>4OI89 (descending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ex-panding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thrust). 8=8<0;L=0O F5;L 4;O B>;G:0 @02=0 4;8=5 =081>;LH59 2>;=K B@5C3>;L=8:0. >MB><C ?>A;5 >:>=G0=8O B@5C3>;L=8:0 8<55B A<KA; 2AB0BL 2 ?>78F8N =0 ?>:C?:C 8;8 ?@>406C 2 A>>B25BAB288 A >68405<K< =0?@02;5=85< 3;02=>3> B@5=40: C65 ?5@2>5 42865=85 >15I05B 4>AB0B>G=> 1>;LHCN 0<?;8BC4C (@8A. 4.21). 081>;55 A8;L=K9 C40@ =01;N405BAO 2 A;CG05, 5A;8 ?>A;54-=OO 2>;=0 B@5C3>;L=8:0 "=5 4>BO38205B" 4> 3@0=8FK, 0 70:0=G8-205BAO @0=LH5. 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( 0 @8A. 7.3 :>;510=8O >@<K 7<5=5=8O @0AA<0B@820NBAO >B=>A8B5;L=> =C;O, ?>A:>;L:C 01A>;NB=K5 7=0G5=8O >AF8;;OB>@0 =5ACI5AB25==> 87<5=5=K.) 7.3. =45:A B=>A8B5;L=>9 !8;K (Relative Strength Index) =45:A B=>A8B5;L=>9 !8;K (@8A.7.4) 1K; ?@84C<0= 8 @07@01>B0= #M;;A>< #09;45@>< 2 A5@548=5 70-E. !;54C5B >B<5B8BL, GB> #09445@ 87>1@5; =5A:>;L:> <5B>4>2 B5E=8G5A:>3> 0=0;870 ?>4>1=>3> @>40, 8 ?>GB8 2A5 >=8 E>@>H> @01>B0NB. =45:A B=>A8B5;L=>9 110  8A. 7.2. AF8;;OB>@ =45:A ">20@=>3> 0=0;0 @0D8: ?@54>AB02;5= 035=BAB2>< Dow Jones Telerate  8A. 7.3. AF8;;OB>@ >@<0 7<5=5=8O (ROC) @0D8: ?@54>AB02;5= 035=BAB2>< Dow Jones Tolerate 112  8A. 7.4. RSI =0 5654=52=>< 7>;>B5. !83=0;K > ?>:C?:5 8;8 ?@>4065 ?>40NBAO ?@8 ?@52KH5=88 8;8 ?@81;865=88 : 3@0=8F0< 70 8 30. @0D8: ?@54>AB02;5= 035=BAB2>< Reuter 113 !8;K, ?>60;C9, A0<K9 ?>?C;O@=K9 8 8725AB=K9 87 2A5E >AF8;-;OB>@=KE <5B>4>2. ;O =53> ACI5AB2CNB =5 B>;L:> AB0=40@B=K9 =01>@ 0=0;870, => 8 @07=K5 8=B5@5A=K5 8=AB@C<5=BK. $>@<C;0 4;O 2KG8A;5=8O 7=0G5=89 >AF8;;OB>@=>9 :@82>9 2K3;O48B A;54CNI8< >1@07><: RSI = 100 - [ 100/( 1+RS)] ;RS = AUx /ADX; 345 E  :>;8G5AB2> 4=59; AU  A@54=55 7=0G5=85 70:@K2H8EAO 2KH5 ?@54K4CI8E F5=70< 4=59; AD  A@54=55 7=0G5=85 70:@K2H8EAO =865 ?@54K4CI8E F5= 70 ;: 4=59. !0< 02B>@ <5B>40 4;O ?>AB@>5=8O 3@0D8:0 8A?>;L7>20; AB0=40@B=> 14 4=59. 0: >1KG=>, G5< <5=LH89 ?>@O4>: <K 1C45< 8A?>;L7>20BL, B5< 1>;55 GC2AB28B5;L=>9 1C45B :@820O 8 B5< 1>;LH55 :>;8G5AB2> A83=0;>2 <K ?>;CG8<. =45:A B=>A8B5;L=>9 !8;K >B:;04K20NB =0 H:0;5 >B 0 4> 100. CGH5 2A53> >= @01>B05B, 4>AB830O >1;0AB8 M:AB@5<C<>2. @8B5@85< >F5=:8 A;C60B 425 ;8=88, ?@>2545==K5 =0 C@>2=5 30 8 70. !G8B05BAO, GB> 2KH5 70 =0E>48BAO 7>=0 ?5@5:C?;5==>AB8, 0 =865 30  ?5@5?@>40==>AB8. >MB><C, :>340 7=0G5=85 =45:A0 B=>A8B5;L=>9 !8;K 4>AB8305B 8 ?>4=8<05BAO 2KH5 70, 2>7=8:05B C3@>70 A?040 F5=; 42865=85 =865 30 2>A?@8=8<05BAO :0: ?@54C?@5645=85 > 1;87:>< ?>4J5<5. 5:>B>@K5 0=0;8B8:8 A>25BCNB ?@8=8<0BL 2 :0G5AB25 3@0=8F C@>2=8 30 8 70 B>;L:> ?@8 1>:>2KE B@5=40E, 0 20 8 80  ?@8 O@:> 2K@065==KE 1KGL5< 8 <54256L5<. 07C<55BAO, ?@52KH5=85 C@>2=59 30 8 70 5I5 =5 3>2>@8B > B><, GB> =C6=> =5<54;5==> =0G8=0BL 70:;NG5=85 A45;>:. 54L @K=>: <>65B =0E>48BLAO 2 A>AB>O=88 ?5@5:C?;5==>AB8 8 ?5@5?@>40==>AB8 5I5 4>;3>5 2@5<O, 0 >AF8;;OB>@, ?@54C?@5640O >1 87<5=5=88 B@5=40 70@0=55, =5 ?>OA=O5B, :>340 8<5==> MB> <>65B ?@>87>9B8. ;O B>3> GB>1K 1>;55 CA?5H=> @01>B0BL A =45:A>< B=>A8B5;L=>9 !8;K, #.#09;45@ ?@54;>68; ?@8<5=OBL : 53> 3@0D8:C <5B>4K, =0?><8=0NI85 D83C@K, :>B>@K5 <K C65 @0718@0;8. 1. !CI5AB2C5B A?5F8D8G5A:0O D83C@0, 8A?>;L7C5<0O 4;O 0=0;870 =45:A0 (@8A.7.5). -B0 D83C@0  =5C402H89AO @07<0E (failure swing)  <>65B 2>7=8:=CBL 8 2 :0G5AB25 A83=0;0 =0 ?>:C?:C, 8 2 :0G5AB25 A83=0;0 =0 ?@>406C. A;8 K 70<5B8;8 B0:CN D83C@C 2 ?>;>65=88 25@H8=K (top), B.5. 2 @09>=5 C@>2=O 70, B> MB> <>65B A;C68BL 4>AB>25@=K< A83=0;>< : ?@>4065.  A;CG05, 5A;8 D83C@0 ?>O28;0AL 2 ?>;>65=88 4=0 (bottom) 8 AD>@<8@>20;0AL 2 @09>=5 30, B> 2>7<>6=> 2AB0BL 2 4;8==CN ?>78F8N. 114  8A. 7.5. 5C402H89AO 07<0E  D83C@0 =0 RSI 0B5@80; 87 AB0BL8: Welles Wilder "The Relative Strength Index"; 6C@=0; "Technical Analysis of Stocks and Commodities", 45:01@L 1986 3. 0 3@0D8:5 =45:A0 G0AB> 2>7=8:0NB :;0AA8G5A:85 D83C@K B5E=8G5A:>3> 0=0;870, B0:85, :0: >;>20 8 ;5G8, B@5C3>;L=8:8. ! 8E ?><>ILN <>6=> ?@54A:070BL 48=0<8:C 42865=8O =45:A0, 0 B0:65 2@5<O, :>340 8<5==> F5=>2>9 B@5=4 4>;65= 87<5=8BLAO. @8 2>7=8:=>25=88 G5B:8E C@>2=59 A>?@>B82;5=8O 8;8 ?>445@6:8 =0 3@0D8:5 =45:A0 <>6=> >6840BL 8E ?>O2;5=8O 8 =0 F5=>2>< G0@B5. 'B>1K >?@545;8BL =0?@02;5=85 42865=8O =45:A0, <>6=> @8A>20BL =0 53> 3@0D8:5 ;8=88 A>?@>B82;5=8O 8 ?>445@6:8, 0 B0:65 ;8=88 B@5=4>2 8 ;8=88 :0=0;>2. @0240, MB> =5 B0: 459AB25=- =>, :0: 2 ?>4>1=KE 8AA;54>20=8OE =0 F5=>2KE G0@B0E. I5 >48= 206=K9 8=AB@C<5=B 4;O ?@>3=>78@>20=8O F5= A ?><>ILN =45:A0 B=>A8B5;L=>9 !8;K  8AA;54>20=85 @0AE>645=8O, 2>7=8:H53> <564C =0?@02;5=85< 42865=8O 3@0D8:0 =45:A0 8 B@5=4>< F5=K. >4 @0AE>645=85< (divergence) ?>=8<0NB 420 A;CG0O: =45:A @0AB5B, 0 F5=0 ?0405B 8;8 =0E>48BAO =0 >4=>< C@>2=5. =45:A ?0405B, 0 F5=0 @0AB5B 8;8 =5 42865BAO. 115 0AE>645=85 2 B0:>< A;CG05  A8;L=K9 @072>@>B=K9 8=48:0B>@.  E>BO >=> =5 2>7=8:05B ?@8 :064>< ?>2>@>B5, 53> G0AB> 2AB@5G0NB 2 >A>15==> A5@L57=K5 ?>2>@>B=K5 <><5=BK. A5 87;>65==K5 2KH5 @5:><5=40F88 >A=>2K20;8AL =0 ?5@2>8AB>G=8:5. >MB><C, =0G02 ?@8<5=OBL 40==K9 8=AB@C<5=B, ?>AB0@09B5AL 2>A?>;L7>20BLAO 8<8 2 ?>;=>< >1J5<5, 0 C65 70B5< 2KG;5=8BL B5, GB> ;CGH8< >1@07>< A>>B25BAB2CNB 0H5<C AB8;N B>@3>2;8 8 >1;0AB8 ?@8<5=5=8O. 7.4. !B>E0AB8G5A:85 ;8=88 (Stochastics) !B>E0AB8G5A:85 ;8=88 (@8A.7.6) 225; 2 C?>B@51;5=85 6>@46 59= 5I5 2 50-5 3>4K. 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A=>2=K5 ?@8=F8?K. ;0AA8D8:0F8O <5B>4>2 !CI5AB2CNB G5BK@5 >A=>2=KE ?@8=F8?0, ?>72>;ONI8E @0AA<>B@5BL F5=>2CN <>45;L :0: F8:;8G5A:CN 70:>=><5@=>ABL: AC<<8@>20=85, 30@<>=8G=>ABL, A8=E@>==>ABL 8 ?@>?>@F8>=0;L=>ABL. @8=F8? AC<<8@>20=8O (@8A. 8.1) 70:;NG05BAO 2 B><, GB> ;N1>5 F5=>2>5 42865=85 O2;O5BAO AC<<>9 F8:;>2 @07=>9 4;8=K. "0:8< 126  8A. 8.1. @8=F8? AC<<8@>20=8O: >;=0  + >;=0  = >;=0 ! 7 :=.: D. Murphy "Technical Analysis of the Futures Markets"  8A. 8.2. >;=K  8 : 30@<>=8G=K5, A8=E@>==K5 8 ?@>?>@F8>=0;L=K5 7 :=.: D. Murphy "Technical Analysis of the Futures Markets" 127 >1@07><, 5A;8 87>;8@>20BL 8E 4@C3 >B 4@C30, 0 70B5< 2=>2L A;>68BL, <>6=> >?@545;8BL 2@5<O 2>7=8:=>25=8O <0:A8<C<0 8 <8=8<C<0 40;L=59H53> F5=>2>3> B@5=40. @8=F8?K 30@<>=8G=>AB8 8 A8=E@>==>AB8 (@8A. 8.2) 3>2>@OB > A>G5B0=88 42CE F8:;>2. E 30@<>=8G=>ABL 70:;NG05BAO 2 ?@>?>@F8>=0;L=>AB8 ?5@8>4>2, 0 A8=E@>==>ABL  2 A>>B25BAB25==>< 2>7=8:=>25=88 <8=8<C<>2. 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Danalyzer ;O C3;C1;5==>3> B5E=8G5A:>3> 0=0;870 ?>ABC?0NI8E 40==KE 8A?>;L7C5BAO ?@>3@0<<0 Danalyzer, :>B>@0O >@30=8G=> 4>?>;=O5B A8AB5<C Tenfore. 0==K5 2 ?@>3@0<<5 Danalyzer <>3CB 1KBL ?@54AB02;5=K 2 2845 ;8=59=KE, 38AB>3@0<<=KE 3@0D8:>2, 0 B0:65 O?>=A:8E A25G59 8 :@5AB8:>2-=>;8:>2. @5<5==K5 8=B5@20;K >?@545;ONBAO ?>;L7>20B5;5< 2 A;54CNI8E ?@545;0E: B8:, <8=CB0, G0A, 45=L, =545;O, <5AOF. !8AB5<0 ?>72>;O5B =0:0?;820BL 4> 10 000 7=0G5=89 ?> :064><C 2@5<5==><C 8=B5@20;C. >7<>6=0 CAB0=>2:0 D8;LB@>2, :>B>@K5 ?@>87254CB 70?8AL 40==KE 2 >?@545;5==K5 8=B5@20;K 2@5<5=8, =0?@8<5@, 2> 2@5<O B>@3>2KE A5AA89. ;O 0=0;870 B5=45=F89 87<5=5=8O @K=:0 =0 3@0D8:8 <>6=> =0=>A8BL ;8=88 B@5=4>2. @8 MB>< ?@54CA<>B@5= 1>;LH>9 2K1>@ A5@28A=KE ;8=89, 2 B>< G8A;5 ?0@0;;5;L=KE, 3>@87>=B0;L=KE; ?> 170 <0:A8<C<0< 8;8 <8=8<C<0<, ?> 70:@KB8N; ?> C@>2=O< $81>=0GG8, ?> C3;0< 0==0.  A8AB5<5 8<55BAO >:>;0 40 8=AB@C<5=B>2 :><?LNB5@=>3> 0=0;870, 2 B>< G8A;5: Commodity Channel Index (CCI); Moving Averages; Moving Averages Convergence- Divergence (MACD); Rate of Change; Relative Strength Index; Stochastics; On Balance Volume.  8A.10.1. =5H=89 284 >4=>3> 87 <0:5B>2 Tenfore 171 0==K5 87 A8AB5<K Tenfore <>3CB 1KBL ?5@540=K 2 @568<5 48=0<8G5A:>3> >1<5=0 40==K<8 (DDE) 2 ;N1>9 4@C3>9 ?0:5B, @01>B0NI89 2 A@545 Windows. 0?@8<5@, ?5@5=>A 40==KE 2 M;5:B@>==CN B01;8FC Excel ?>72>;O5B >BA;56820BL >B:@KBK5 20;NB=K5 ?>78F88, >ACI5AB2;OBL 3;C1>:89 D8=0=A>2K9 0=0;87, D>@<8@>20BL 8=48284C0;L=K9 8=25AB8F8>==K9 ?>@BD5;L 8 B.4. A?8A>: !,  # " "# + 0720=85 2B>@ >4 8740=8O )/ Technical Analysis John J. Murphy 1986 of the Futures Markets Intermarket Technical John J. Murphy 1991 Analysis The New Science Thomas De Mark 1994 of Technical Analysis The Technical Analysis Thomas A. Meyers 1994 Course Technical Analysis from Steven B.Achelis 1995 A to Z The Handbook Darrel R.Jobman 1995 of Technical Analysis (Editor) !%/ + Mind Over Markets James F. Dalton, 1993 Eric T.Jones, Robert B. Dalton The Psychology of Tony Plummer 1993 Technical Analysis Trading for a Living Dr. Alexander Elder 1993 $'' Fibonacci Applications Robert Fischer 1993 and Strategies for Traders "%'!   How To Make Profits W.D.Gann 1976 In Commodities (reprinted)  !"- The Point and Figure Method Victor De Villiers 1993 of Anticipating (reprinted) Stock Price Movements Point and Figure Charting Thomas J. Dorsey 1995 /! !' Japanese Candlesticks Steve Nison 1991 Charting Techniques Beyond Candlesticks Steve Nison 1994 Trading Applications Gary S. Wagner, 1994 of Japanese Candlestick Bradley L. Matheny 172 Charting 0720=85 2B>@ >4 8740=8O " / & Cyclic Analysis in Futures Jake Bernstein 1988 Trading: Systems, Methods and Procedures "+ $," & New Concepts J. Welles Wilder Jr. 1978 in Technical Trading Systems How I Made $1,000,000 Larry R. Williams 1979 Trading Commodities Last Year Technical Traders Guide Charles Le Beau, to Computer Analysis David Lucas 1992 of the Futures Market Momentum, Direction William Blau 1995 and Divergence Relative Strength Index Andrew Cardwell 1995 / " / -"" Elliott Wave Principle: Alfred Frost, Key to Stock Market Profits Robert Prechter 1990 Elliott Wave Principle Robert Balan 1989 Applied to the Foreign Exchange Markets The Major Works Robert R. Prechter 1991 of R.N.Elliott (Editor) " + !" " (7CG5=85 ;8B5@0BC@K MB>3> @0745;0 157 ?@5420@8B5;L=>3> >7=0:><;5=8O A B5>@859 B5E=8G5A:>3> 0=0;870 =5 @5:><5=4C5BAO) The Day Trader's Manual William F. Eng 1992 Technical Analysis & Options Kenneth H. Skaleen 1992 Strategies Timing the Market Curtis M. Arnold 1993 The Complete Day Trader Jake Bernstein 1995   Technical Analysis 65<5AOG=K9 of Stocks & Commodities: 6C@=0; 173     + METAL BROKERS  !   "  + & SPECIALISTS IN ! ),. ELLIOTT WAVE  "  THEORY -"" 38 Skylines Limeharbour London EH 9TS United Kingdom Tel: (44)(171)5384631 Fax: (44) (171)538 40 53 Contact: Mr Robert Fie. 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