艾略特波浪理论入门介绍

Global Research1

艾略特波浪理论入门介绍

Murray Gunn CFTe

Head of Technical Analysis

HSBC Bank plc

+44 20 7991 6797 [email protected]

技术分析

2011 年 7 月

View HSBC Global Research at: http://www.research.hsbc.comIssuer of report: HSBC Bank plcDisclosures and Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it

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让你的朋友惊叹的数字游戏！Write down any two whole numbers with the lower number on the left. Add them together to create a third number and write that down next to the second number. Then add that third number to the second number to create a fourth number. Repeat the process another seven times.Finally, divide the last number in the series by the second last number.

1 2 3 4 5 6 7 8 9 10 11 11 divided by 10

1 1 2 3 5 8 13 21 34 55 89 1.618

9 65 74 139 213 352 565 917 1,482 2,399 3,881 1.618

11 17 28 45 73 118 191 309 500 809 1,309 1.618

326 1,973 2,299 4,272 6,571 10,843 17,414 28,257 45,671 73,928 119,599 1.618

3,705 751,935 755,640 1,507,575 2,263,215 3,770,790 6,034,005 9,804,795 15,838,800 25,643,595 41,482,395 1.618

Source: HSBC

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1.618 = Phi

累加生长和衰亡黄金比例 / 黄金平衡 / 黄金分割

混沌背后的规律

.382 .618

Source: istockphoto.com, shutterstock.com

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1

2

(1)

1

(2)

(C)

(B)

(A)

(5)

(4)

(3)

3

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1

C

B

A

5

4

3

2

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5

3

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C

B

A

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C

B

A

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1

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C

B

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B

A

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B

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1

(2)

(1)

(3)

(4)

(5)

(A)

(B)

(C)

1

2

长期

中期

短期

完整周期组合在一起

分形设计艾略特波浪理论

• •拉尔夫纳尔逊艾略特

价格波动呈现型态规律五浪所组成的波浪是股市运行的主要方向三浪所组成的波浪是股市运行的修正方向每个时间架构或者分形都会重复反映了大规模人群行为的规律比率分析 / 自然之数学（ phi 比率、黄金比

率、 1.618 、列昂纳多 · 斐波纳契）

5

命名

艾略特在图表上做了标记，区分不同趋势或分形的层级

特大超级循环浪长达数个世纪循环浪跨度为数年基本浪跨度为数个月次微浪只有几小时或几天

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波浪在形式上是自相似的… … 但是在时间或者深度（振幅）上他们不一定是自相似的

1

2 C

53

5

A

3

1

E

4

A2

1

B

D

C

B

5

4

3

2

(1)

4

(5)

(3)

(4)

(2)

更接近真实情况

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心理周期

从“弱手”到“强手” 集中

从“强手”到“弱手”分散

狂热、欣喜、自满

绝望，恐惧

绝望，恐惧

4

5

3

2

1

A

B

C

松一口气，抱有希望，否认，振幅窄

惊吓，否认，“ ”谷底买入心态

否认，误以为熊市尚未结束

泡沫，投机，振幅窄，“基本面”佳 / 利好消息连连

最强劲的波动，振幅扩张，“基本面” /消息好转

“基本面” / 负面消息

惊愕，不耐烦

大幅强劲跌势，“基本面” / 消息转为消极

3

参考 : Frost & Prechter “Elliott Wave Principle”, 1978

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规则和指引通过实证观察，艾略特得出结论：波浪的形成是遵循各种规则和指引的。这些规则的存在让波浪理论比其他市场分析形式更为客观。这些规则必须得到尊重，而指引则能帮助我们辨别趋势。

第 2 浪的回撤总是小于第 1 浪幅度的 100% 。第 3 浪在 5 浪结构中决不会是最短的。第 4 浪底部不会低于第 1 浪顶点。

变更：第 4 浪的修正浪型态往往与第 2 浪不同。当第 3 浪延伸时，第 1 浪与第 5 浪幅度的比率往往为 1 或为斐波纳契比率。

艾略特波浪理论三大规律：

艾略特波浪理论三大指南：第 4 浪底部通常与次一级的第 4 浪水平相当。

1 1

2

2 正确错误

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5

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错误正确

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错误正确

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4 (1)

(2)

(3)

(4)100%

100%

100%

161.8%

1

2

3

4

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2nd waves of a motive wave can be very deep but they cannot move beyond the start of wave 1.

3rd waves are usually the most powerful. They can be shorter than 1 or 5 but they must never be the shortest of 1,3 and 5.

The end of the 4th wave must never overlap the end of wave 1. Note that if wave 4 is a flat or a triangle the first corrective waves could overlap wave 1 so long as the ending wave does not.

Zig Zag then Triangle Flat then Zig Zag

2nd waves tend to be zig zags and 4th waves tend to be triangles or flats.

When wave 3 is extended, wave 5 will tend to end when it equals the size of wave 1 or a ratio such as 1.618 times the size of wave 1.

A 4th wave will tend to finish in the price zone of wave 4 of the just ended wave 3.

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延伸延伸（九浪）终结楔形

引导楔形扩张楔形衰竭的第 5 浪

推动浪

(1)

(9)

5

(5)

(4)

(3)

(2)

3

2

1

(8)

(7)

(6)

(5)

(4)

(2)

(3)

(1)

(5)

(4)

(3)

(2)

(1)

5

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3

2

1

(5)

(4)

(3)

(2)

(1)

(5)

(4)

(5)

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(2)

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1

Extensions occur when one of the motive waves is prolonged and subdivides into amplified waves. Frequently occurring in the wave 3 position, normally only one wave within a motive wave will be extended.

Quite rarely an extension will occur where each subdivided wave is of roughly equal amplitude. This results in the entire motive wave looking like a nine wave move.

Also known as a rising or falling wedge, the ending diagonal is a 5th wave that can subdivide into five overlapping waves of 3 waves each (zigzags). It is a sign of an exhausted trend.

The leading diagonal can also subdivide into five overlapping waves of the normal 5 motive 3 corrective waves. Divergence between price and oscillators are normal characteristics of diagonals.

Added to Ellliott’s original work after observations by Frost & Prechter, a diagonal can also occur in the wave 1 position and subdivides into five waves of three moves.

A 5th wave that subdivides into fives waves of three. The expanding nature of the price action points to increasing volatility that can signal the end of a trend.

Sometimes the trend is so exhausted by the time the 5th wave comes that the wave does not even move past the wave 3 top or bottom. It is a sign of a very tired market trend.

推动浪是周期的主要趋势，这些浪通常走势强劲，比较直观，容易识别。第 3 浪往往运动幅度增加，表明人们参与市场的积极性强烈。如下例子展现的是牛市推动浪，熊市的推动浪恰好相反。

引导楔形

(5)

(4)

(3)

(2)

(1)

4

3

2

1

5

4

1010

修正浪

锯齿型 (5-3-5) 平台型（一般） (3-3-5) 平台型（延伸） (3-3-5)

三角型（对称）三角型（反对称）三角型（上升）三角型（下降）

三角型 (3-3-3-3-3)

1

(A)

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(B)C

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(C)

A sharp correction consisting of two motive waves (A) and (C) separated by a corrective wave (B).

A sideways correction where wave (B) retraces close to 100% of wave (A) followed by a motive wave (C) sharp move.

Also known as an Irregular Flat, this is a sideways correction where wave (B) retraces more than 100% of wave (A) followed by a motive wave (C) sharp move.

Triangles usually occur in the 4th wave position of a motive wave and represent periods of equilibrium between bulls and bears. They consist of five waves A-B-C-D-E each subdividing into three waves.

The reverse symmetrical or expanding triangle is relatively rare.

This pattern reflects a situation where there is equilibrium in the price but the bulls are increasingly gaining the upper hand resulting in an upward break in price.

This pattern reflects a situation where there is equilibrium in the price but the bears are increasingly gaining the upper hand resulting in a downward break in price.

艾略特观察到价格调整的几种形式。其中两种形式是锯齿型和平台型，分别由三个波浪构成。最后的 C 浪是推动浪，势头强劲，主要是因为市场参与者群体恐慌心理，集体逃出市场。这个过程清除了市场上的“弱手”，市场走势也得以持续。第三种形式是三角型态，包含五个波浪运动。

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复杂型态的修正浪

双重三浪三重三浪

双重三浪 (Flat, Any Three, Triangle) 三重三浪 (Zig Zag, Any Three, Flat, Any Three, Flat)

例子

C C

B

A(Y)

(X)

(W)

B

C C

B

A(Z)

(X)

(Y)

(X)

(W)

B

AC

B

A A

(Z)

(W)

(Y)

(X)

(W)

(X)

(Y)

(X)

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B

有时候修正浪会分解为一系列低分形的修正浪，看起来更加复杂混乱，让很多刚刚接触波浪理论的新手开始变得困惑不已，甚至持怀疑态度。不过，这些复杂的修正浪刚开始确实非常难以识别。这些“双重三浪”和“三重三浪”是在市场低迷时期区分横向、不定向、交易区间价格行为的手段。推动浪的浪 4 期间人们往往深感挫败，这个时期我们更有可能找到复杂型态的修正浪。

Double threes consist of two A-B-C corrections labelled W and Y separated by a wave labelled as X which is also a three wave correction.

Triple threes consist of three A-B-C corrections labelled W, Y and Z separated by two waves labelled as X which are also three wave corrections.

In this example, the first A-B-C corrective wave is an expanded flat (3-3-5). That whole correction is then labelled as (W). Wave (X) can then be any three wave correction (zig zag or flat). Finally wave (Y) in this example is a triangle (3-3-3-3-3) which then completes the double three correction. When can we be sure that a complex correction is unfolding? At the wave (W) low it is possible that the entire correction is completed in an expanded flat but when wave (X) unfolds in three waves and then declines below the B of (X) low the analyst can be very confident that a double (or triple) three is the preferred outcome.

In this example, the first A-B-C corrective wave is a zig zag (5-3-5). That correction is then labelled as (W). Wave (X) can then be any three wave correction (zig zag or flat). Wave (Y) in this example is a regular flat which then completes a double three correction. There is then another three wave correction which, when the B wave high in this example is surpassed, can be labelled as another wave (X). Finally there is an expanded flat A-B-C to complete the triple three complex correction.

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艾略特波浪趋势通道

1

3

2

41

2

3

4

5

5

A

B

C

把浪 1 和浪 3 的顶部连接起来，然后以浪 2 的底部为起点划一根与之平行的直线，将得出浪 4 的终点

把浪 2 和浪 4底部相连接，以浪 3 （或浪1 ）顶部为起点划一根平行线，将得出浪 5的终点

把浪 A 与浪 B 的顶部相连接，然后以浪 A 的底部为起点划一根与之平行的直线，交点将是浪 C 的终点

5

13

恒生指数中的艾略特趋势通道

Chart Source: HSBC, Bloomberg, Updata

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斐波纳契比率 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144

Fibonacci number / previous (e.g: 144 / 89) = 1.618

Inverse (1 / 1.618) = 0.618

Fibonacci number / two previous (eg: 144 / 55) = 2.618

Inverse (1 / 2.618) = 0.382

1 – 0.618 = 0.382

0.618 ² = 0.382

0.618 + 0.382 = 1

1 / 2 = 0.5 (midway between 0.618 and 0.382)

Fibonacci number / three previous (e.g: 144 / 34) = 4.235

Inverse (1 / 4.235) = 0.236

1 – 0.236 = 0.764

√ 0.618 = 0.786

2.618

2.382

2.236

2

1.786

1.764

1.618

1.50

1.382

1.236

1

0.786

0.764

0.618

0.50

0.382

0.236Source: istockphoto.com

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斐波纳契比率浪 2 通常回撤浪 1 的 76.4% 或 78.6%

浪 4 通常回撤浪 3 的 38.2%

当浪 3延伸时，浪 5 往往与浪 1等长当浪 5延伸时，其长度往往是浪 1 起点至浪 3终点总长的 1.618倍

Charts Source: HSBC, Bloomberg, Updata

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延伸与回撤


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多种浪数统计方式

任何时候都同时存在两种或以上有效的浪数统计方式

分析师的任务是找到可能性最大的那种

波浪结束之前都无法 100% 确定该波浪属于何种波浪

但所有分析都是事后发生的

也能让我们得出各种不同的结论

分析是一种技巧

实战交易又是另一种技巧


1818

艾略特波浪的真实市场例子


19Charts Source: HSBC, Bloomberg, Updata






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上海证券综合指数体现的艾略特波浪


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结论

艾略特波浪理论描述的是分形市场的演变

波浪在形式上是自相似的（但在时间或深度上却并非如此）

艾略特趋势通道以及斐波纳契延伸（和回撤）：独特且强大

多种浪数统计提供了分析上的优势

艾略特并不是一个交易“系统”

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汇丰银行的技术分析

Day Traders Support & Resistance Levels (Daily)

Short Cycle Report (Twice per Week)

Wave Principle Letter (Weekly)

Trend-Wave Trading Signals (Ad-hoc trade ideas / portfolio)

…coming soon….

Long term Wave analysis (Semi-Annual)

www.hsbcnet.hsbc/research

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Disclosure appendix Analyst Certification The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Murray Gunn

Important Disclosures This document has been prepared and is being distributed by the Research Department of HSBC and is intended solely for the clients of HSBC and is not for publication to other persons, whether through the press or by other means.

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中文翻译由中国庄禾投资友情提供。由于译者时间精力有限，译文中难免有疏漏和不当之处，敬请批评指正。

Unofficial translation provided by China Zhuanghe Investment Consulting Co., Ltd. (CZH)

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