Prechter's Perspective (2004, 221 pages) is an updated version of the 1996 book of questions and answers with Robert Prechter, the famous asset market technician and theorist. The final interviews for this edition were conducted in late 2000, shortly after Nasdaq started its collapse and the dot-com bubble started bursting, around the time of a contentious national election, and before the September 11, 2001 terrorist attacks.

In Explanations - Prechter Meets Elliott, Bob talks about how his father's interest in the stock market influenced him; why he chose not to study economics at Yale and instead studied psychology; his first days working as a market technician, his first encounters with Elliott Wave and how he had to dig for some of Ralph Nelson Elliott's writing out from deep in the New York public library, his first trades, and what traders do.  He also talks about winning a trading championship in 1984 and how important he felt it was to distance himself from Wall Street.

Applications - Money Making Rules for the Investor could serve as a short primer by Bob on how to trade. He discusses what he considers the six requirements for successful trading, as well as what he considers the safest way to trade options. In terms of the indicators he uses to supplement his Elliott Wave analysis, he places great importance on volume and on indicators that help the trader anticipate trend changes, such as percent rates of change.

Implications - Society and the Grand SuperCycle (GSC) is a snapshot summary of Bob's hypotheses on the causality of human events and how the financial markets behave as real-time barometers that record the causes of future events (i.e., changing social mood). This is an especially good section to read if his thicker volume that introduces Socionomics seems a bit daunting,

Unlike the zigzag patterns of the GSC bear market of the 1700's, Bob expects this unfolding GSC bear market to follow a sideways pattern of big declines and sharp rallies that perhaps just barely make it to their old highs. The pattern is somewhat like the DJIA from 1966 to 1982. Unlike recessions experienced within the last 50 years or so, which tended to progress and recede in a fairly straightforward way, he expects us to experience deeper contractions that economists will fail to recognize and then reassure us are "mild recessions". Recoveries will be loudly trumpeted by political and economic leaders but will be temporary and relatively brief.

Bob then goes on to discuss cultural phenomena, such as nostalgia, a big part of fifth waves. People as diverse as Michael Jackson, Bill Gates, Donna Reed and Harriet Nelson; fashions, fitness, torture movies, and the fortunes and misfortunes of politicians are all explained within the context of Elliott Waves.

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Elliott Wave, when studied carefully, can be applied to your own personal life. According to Malcolm X, "The future belongs to those who prepare for it", but Ralph Nelson Elliott's discoveries and Bob Prechter's perspective can certainly help you to do just that.

If you'd like to know a little more about Ralph Nelson Elliott, read The R.N. Elliott Story by Bob Prechter in Futures Magazine.