Robert Prechter authored the “industry standard” literature on Elliott wave theory back in 1978 and subsequently founded Elliott Wave International, which today employs 80 people in Gainesville, Georgia, providing research around the clock to subscribers throughout the world. Mr. Prechter has updated Elliott Wave Principle (1978/2005) to include new guidelines for each wave formation; he has also published The Wave Principle of Human Social Behavior (1999) and Conquer the Crash (2002). Currently, Mr. Prechter is furthering his research on his theory of socionomics. He recently co-authored a paper with psychologist Wayne Parker for The Journal of Behavioral Finance (2007, Vol. 8, No. 2, 84-108) to illustrate the conceptual framework for examination by scholars and academics. The paper points out that traditional economic theory does not account for financial markets’ price action – which can more reliably be attributed to the new paradigm of socionomics. He has long held that events

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