Technical analysis of stock prices using Elliot wave theory and Fibonacci number

Rattana Charussaengsuriya () and Tawewan Tharnpipat ()
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Rattana Charussaengsuriya: Payap University
Tawewan Tharnpipat: Payap University

The Empirical Econometrics and Quantitative Economics Letters, 2012, vol. 1, issue 1, 91-102

Abstract: The study of technical analysis of stock prices using Elliot Wave Theory and Fibonacci Number focused on percentage analyzing to test the stock prices according to the theory and the actual stock prices. The secondary data of the study gathered from the daily price index summary between 1st January 2009 to 31st December 2011 of SET index, Bank index and three Thai banks which are Bangkok bank(BBL), Siam Commercial bank (SCB) and Kasikorn bank (KBANK). The results of the study shown that there are two errors occurred, the Impulse Waves and Corrective Waves. In conclusion, this research shown that using the technical analysis tools in predicting the stock prices is highly efficient.

Keywords: Elliot wave; Fibonacci number; Technical Analysis (search for similar items in EconPapers)
JEL-codes: G14 G17 (search for similar items in EconPapers)
Date: 2012
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