Ralph Elliot, an American accountant developed a theory during the 1930s that believed share markets moved in a predefined pattern. The pattern consisted of a 5 wave impulse movement followed by a 3 wave retracement. During the 1970’s Robert Pretcher popularized the methodology and is on record for predicting the 1987 share market crash. Although it has been criticized for being subjective Elliott Wave does have a wide following amongst market participants.

In Australia Nick Radge uses Elliott Wave in his analysis. To learn more about Nick's work you can visit his site at the following link: http://www.thechartist.com.au/index.php

For more information see the following links:
Wikipedia
http://en.wikipedia.org/wiki/Elliott_wave_principle

Robert Pretcher
http://en.wikipedia.org/wiki/Robert_Prechter