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Elliott Wave Tesis Mba
Elliott Wave Tesis Mba
by
CHIU MAN-CHEONG
趙文昌 “
and
LO KIN-CHUNG
趙 健,昌
Presented to
In P a r t i a l Fulfilment
May 1994
· '"
.'
APPROVAL
Lo Kin-Chung
Date Approved:
iii
ABSTRACT
TABLE OF CONTENTS
ABSTRACT iii
TABLE OF CONTENTS iv
ACKNOWLEDGEMENT vi
Chapter
I. INTRODUCTION 1
Variations 7
Ratio Analysis 13
Applications on Real Markets 14
Ill. METHODOLOGY 16
Wave Counting 20
Fibonacci Targets 22
Data Source 23
A Note on Notations 23
Fibonacci Relationships 25
Results of Ratio Analysis 28
Wave 2 29
Wave 3 30
Wave 4 30
Wave 5 31
Summary of Results
Trade Case 1 52
Pre-conditions 52
Trade Initiation 52
Profit-taking/Cut-loss 53
Trade Case 2 54
Pre-conditions 54
Trade Initiation 55
Profit-taking/Cut-loss 56
Trade Case 5 57
Pre-conditions 57
Trade Initiation 58
Profit-taking/Cut-loss 58
Results of Simulated Trade 59
Discussions on Simulated Trading 62
VII. DISCUSSIONS 82
VIII. CONCLUSIONS 92
APPENDICES A-1
BIBLIOGRAPHY B-1
vi
ACKNOWLEDGEMENT
CHAPTER · I
INTRODUCTION
market experience.
study.
CHAPTER 工I
LITERATURE REVIEW
3, and '5 are termed impulse waves and waves 2 and 4 are
market.
0) (2) orG)
5
/
3 /
1
/
f\/ 4
c
2
0) or 0
There is one very important concept in Elliott's theory.
G
with regard to the wave counting process, nearly all
wave 1.
(3) Wave 4 cannot trace back past the ending point of wave
1.
variations
and Prechter.
8
5 5
3
1
4 1
2
2
First Wave Extension Fifth Wave Extension
5
1 ;J 4 v
/'~ Third Wave Extension
3 5
-- ---n- -------- -- ---
-~ / 5-
1 / \v/V 2
4
/ 4 .
(Fig. 11-6) ,
flat correction
Figure II-5 Diagonal Triangle
(Fig. I I -7) ,
irregular
correction (Fig.
11-8) , running
correction (Fig.
I I - 9 ) and
h 0 r i z 0 n t a I
triangle (Fig.
11-10). Each of
these waveforms
possesses a
hesitating.
10
c
A c
. --- - - - - - - - - - -;. -
- - - - -. - - - - - - - - - - - - - '\' A
Table 11-1
Zigzag 5-3-5
Flat 3-3-5
Irregular 3-3-5
,,
,,
I
I
c c
.
zlgzag Flat
13
B
X B
X I
J
/
I
J
,
/
,
,,,
,
,
,,,
,
C c
C
Ratio Analysis
are publ ished thus far. We have not been able to find
However, there are two books that are extremely useful for
15
CHAPTER III
METHODOLOGY
the trade entry points are chosen at the levels where the
can be maximized.
is small.
Wave-counting
longer time period) is carried out and then the low level
degree, and the waves of any degree have to follow the same
analysts.
Fibonacci Targets
one for the market used in the study. The selected ratios
Data Source
period between January 1984 and March 1994 are used. The
The data between January 1990 and March 1994 are used for
overlap.
A Note on Notations
Table 111-1
Intermediate I,II,III,IV,V
. A,B,C
CHAPTER IV
RATIO ANALYSIS
Elliott Wave Principle reveals that the rules for the use
ratios.
Fibonacci Relationships
Table IV-l
0.382 of wave 1
0.618 of wave 1
wave 2 .
0.5 of wave 1
1.0 of wave 1
1.618 of wave 1
2.618 of wave 1
wave 3
4.618 of wave 1
0.382 of wave 3
0.236 of wave 3
wave 4
1.0 of wave 2
wave 3
wave 3
1.0 of wave 1
1.618 of wave 1
28
and 1989. The data after 1990 1S reserved for the testing
analysis.
IV-2.
29
Table IV-2
Deviation
drawn:
wave 2
wave 3
wave 4
wave 5
Summary of Results
Table IV-3
Wave 3 )
32
CHAPTER V
AND
as possible.
a deposit of US$8,OOO.
report.
have to be pre-defined:
cut-loss action.
simple:
~--------------------~
. ...
1 , : /
~-- ------------ - --1- -~~
~
:
: 1 must be grater tb.ar.t
~p6!nts - /w - "\- /
){_7 ____ _
: .
Pre-conditions of Trade
impulse.
trade pre-condition.
not an impulse.
Trade Initiation
the level which the apparent wave 3 has been formed and it
Table V-1
~
0 of Wave Counts Agreeing No. of Contract Orders
Wave 3
0-49% 50
50-74% 75
75-100% 100
Cut-loss Mechanism
makes use of the fact that wave 3 always has the highest
3 c
/ 1
/Y
Case 1 Case 2
Profit-taking
a wave.
Table V-2
unfolding of a wave 3.
points.
wave 1 by 10 points.
41
of wave 1.
rate-of-change oscillator is
loss point.
V-3.
Pre-conditions of Trade
conditions of trade:
(1) The apparent wave 1 and wave 2 satisfy the basic rules
No. 1.
Trade Initiation
market.
Table V-3
Wave 5
0-49% 50
50-74% 75
75-100% 100
.
Cut-loss Mechanism
point is the end of wave 1 and the second one is the point
cut-loss point.
Profit-taking
Table V-4
points.
seems to develop.
all satisfied.
2.1 c
1.9
1.&
1.7
DEM,lUS
5
1.8
A
1.~
1.5
1.4787
1A
1989,01/00 1900/()5fL3 1900/10/10 1~O1 1~7/19 1990/12/06
Ditto
1.4
1.s600
1.4426
1.54S$
, .603S
\
1.~
1.66
1.6
1.55
DE~'ID 1.6124
1.45
1.4
1.U
1~
Table V-5
There are 13 trade cases which have trade initiated and the
2.1
1.9
1.&
1.7
DEMJUS
1.8
1.5
1A
19a9ft>1 f03 1m/1 0/1 0 1~01 1~7/19 1990/12106
Did.
1.9
1.~+-------------+-------------4-------------~------------~----------
1.4
1.75
1.7
1,66
1.8
1.55
DE~'fD C=e11
1.4S
CMe10
1.4
1,$6
1.3
1mJOO{03 1~2J12/21 1994/02/10
of momentum.
Trade Case 1
Pre-conditions
Trade Initiation
wave.
Profit-taking/cut-Ioss
oscillator.
deposit.
Appendix 2.
Trade Case 2
Pre-conditions
of wave 3.
55
Trade-initiation
According · to the rules of Trade Plan No. 2, the trade
Profit-taking/cut-Ioss
The details for this trade case can be found in Table 2-1
of Appendix 2.
Trad-e Case 5
Pre-conditions
Trade Initiation
established.
Profit-taking/cut-loss
a cut-loss prematurely.
The details for this trade case can be found in Table 2-2
of Appendix 2.
60
No. Plan Trade Date Position Entry Close Exit Reason For Exit Counts Contracts in US$ ,in US$
No.
1,000,000
1 1 1990/07/23 Long DEM 1.6255 1990/08/06 1 .5777 wave 3 target reach 75.00% 100 302,973 1,302,973
2 2 1990/08/31 Long DEM 1.5778 1990/1 0/09 1.5341 wave 5 target reach 75.00% 100 284,858 1,587,830
3 1 1991/01/14 Short ,DEM 1 .5492 1991/01/17 1.5085 momentum fail 50.00% 75 -202,353 1,385,477
I -
I
4 1 1991/09/09 Long DEM 1.6988 1991/09/19 1.6889 momentum fail 50.00% 75 43,964 1,429,440
5 1 1992/02/18 Short DEM 1.6350 1992/02/27 1 .6351 momentum fail 33.33% 50 306 1,429,746
6 1 1992/05/13 Long DEM 1.6129 1992/05/22 1.6163 momentum fail 50.00% 75 -15,777 1,413,969
7 2 1992/07/21 Long DEM 1 .5011 1992/08/24 1 .4146 wave 5 target reach 40.00% 50 305,740 1,719,710
8 1 1992/1 0/23 Short DEM 1 .5310 1992/11/12 1.5808 momentum fail 66.67% 75 236,273 1,955,982
9 2 1993/01/25 Short DEM 1.5883 1993/02/05 1.6628 wave 5 target reach 66.67% 75 336,030 2,292,012
10 1 1993/06/15 Short DEM 1.6433 1993/06/29 1.7047 wave 3 target reach 100.00% 100 360,181 2,652,193
11 2 1993/07/02 Short DEM 1.6853 1993/07/29 1.7407 wave 5 target reach 75.00% 100 318,263 2,970,455
12 1 1993/10/21 Short DEM 1.6572 1993/11/02 1 .7011 wave 3 target reach 33.33% 50 129,034 3,099,490
13 2 1993/12/10 Short DEM 1.6960 1994/01/06 1.7457 wave 5 target reach 75.00% 100 284,700 3,384,189
61
V-7. The return rates for large time deposit and 30 years
Table V-7
deposit bonds
to 1993
for the year 1991, the returns are very good compared to
62
good.
(2) The trade plans are derived basically from the basic
fl.uctuations.
CHAPTER VI
WAVE ANALYSIS
The daily close chart for the entire period between 1984
figure, the USD started a major decline vs. DEM from the
3.5
2.6
OEMJUln
1.5
1.5620 (san/4/)
1.3870 (92{912)
1
19&4/0tjOS 1991fl0/11
period.
1.5
1984/01/OS 1987f(Yl/17
1.5
1984/01/OS 1997/07/17
3.5
3.S
2.1
1.9
1.7
1.5
1984/01/03 1005/03113 1967/07117
1.5
1984101JOS 1987/07/17
makes use of the general guideline that when the higher the
can be seen that the entire - impulse wave for the US dollar
2.1
1.9
1.7
1.5
1984/01/OS 1987J(1lfl 7
1
1ge410t)03 1967102!E 1~/1Q{11 1~7
1
1984/01/OS 1967102!ZT '~'I1<l111
S.5
2.6
1.5
1
1964/01/03 1967/02fE 1~ 1991110/11
1
1~01}03 1967/02!Z'f · 1~ 1~1110111 1~7
this case, the first A-B-C isa zigzag, and the second is
of one level further down (to the extent the daily high-
2 -A
1.9
1.8
11
1.7
C
DEMJUS
B
1.6 11
1.6
lA
1987/11/04 1ge8,OO12fS 1~12 1006112130 1~/~ 1969/10109
D.rt~
2.1 c
1A
x
1~f03 1~/01 1~01
Dat~
77
A
1.9 -
2
1.6
B
1.7
1.6
b
DEIW
5
A
)(
1A
5
Ca
1-
1.3
1m12/0 1991/0211 1991~ 1991/O7~ 1991/09(1 1m{11t2 1992/01/$ 1~ 1992I00I1 1002/0812
6 4 5 4 2 1 1 0 9 8
o-tt6
1.76 A
b
1.7
1.65
4
1.6 a
1.55 c
a 2
4 e 2 X
DE~fD
1.46 B
1A
B 2
1.35
1.3
1~ 1992/12/21 1W3/05111 1mJ09128 1~O
Dalt
78
this report (first week of April, 1994), the USD has gone
down to 1.6598 (94/3/25) and then went back up. This value
second A-B-C takes about the same time as the first A-B-C,
around 94/7/2.
80
bearish decline.
Preferred Count
Both counts are very bearish for the D.S. dollar in the
long run.
82
CHAPTER VII
DISCUSSIONS
easy to identify.
wave.
spotted.
(6) Frost and Prechter had suggested that the line joining
of wave 2.
as described in textbooks.
study.
below:
study.
90
study.
92
CHAPTER VIII
CONCLUSION
~
I
~
Appendix 1 Table 1-1 Results of Ratio Analysis
Case 1 to 7
Case 5 Case 6 Case 7 Standard
Date Price Date Price Date Price Average Deviation
Start of Wave 1 1988/01/04 1 .5620 1988/11/25 1.7091 1989/06/15 2.0479
Start of Wave 2 1988/02/12 1.7250 1989/02/03 1.8896 1989/08/02 1.8440
Start of Wave 3 1988/04/04 1.6485 1989/02/27 1.8096 1989/09/11 2.0016
Start of Wave 4 1988/07/18 1.8730 1989/05/23 2.0288 1990/01/02 1 .6807
Start of Wave 5 1988/07/22 1 .8212 1989/06/05 1 .9365 1990/01/04 1.7355
End of Wave 5 1988/08/09 1.9220 1989/06115 2.0479 1990/01/08 1.6642
Length of Wave 1 0.1630 0.1805 0.2039
Length of Wave 2 0.0765 0.0800 0.1576
Length of Wave 3 0.2245 0.2192 0.3209
-
Length of Wave 4 0.0518 0.0923 0.0548
Length of Wave 5 0.1008 0.1114 0.0713
Ratio of Wave 2 to 1 0.4692 0.4432 0.7729 0.5505 0.1176
Ratio of Wave 3 to 1 1.3769 1 .2141 1.5739 1 .5911 0.2262
Ratio of Wave 4 to 2 0.6778 1 .1538 0.3479 0.7185 0.3848
Ratio of Wave 4 to 3 0.2310 0.4212 0.1709 0.2543 0.1402
Ratio of Wave 5 to 1 0.6183 0.6173 0.3497 0.7260 0.2983
Ratio of Wave 5 to 3 0.4491 0.5084 0.2222 0.4575 0.1676
Ratio of Wave 5 to (Start of 0.3241 0.3486 0.1942 0.3543 0.1340
Wave 1 to End of Wave 3)
Ratio of Wave 1 to Total 0 .4529 0.5328 0.5314 0.4328 0.0785
5-wave Impulse - - -- - - - ----- ;l>
I
N
A-3
APPENDIX 2
This Appendix presents the details of the calculations for Trade Cases 1 to 13. Firstly, all
the possible wave counts for the 13 trade cases are shown in Figs. 2-1 to 2-13. For each
case, all legitimate counts are shown, and those counts which comply with the expected wave
to be unfolded are marked "Colnply", whereas those counts which do not comply are marked
"Not Comply".
The details of trade calculations are shown in T~bles 2-1 to 2-5. For each case, the apparent
wave lengths, the trade initiation points, the cut-loss points, the profit-taking points and the
2.1 C
2 A
Cl 1.9
en 1.8
-
::>
~
w
1.7
1.6
Cl
1 .5
1.4
1 .3 -t--------+-----t---------t-----
2.1 A
2
Cl 1.9
en 1.8
-
::>
~
w
1.7
1.6
Cl
1.5 Cs
1.4
1.3 -t-------+------i-----__t__----
2.1 A
-
2 B
cCl) 1.9
- /~
::;)
1.8 4
1.7
~
w 1.6
c 1.5 5 C
1.4 A B
1.3
1988/07/01 1989/04/1 0 1990/01/17 1990/1 0/24
Date
A-6
Figure 2-2 Possible Wave Counts For Trade Case 2
2.1 A
2
o 1.9
en 1.8 B
-
::>
~
w
1.7
1.6 A
:---- 2
4V
Cl
1.5 1 3
1.4 5 C E!
1.3 +-------+------+--------t----'----
2.1 C
2
o 1.9
en 1.8
-
::>
~
w
1.7
1.6
Cl A
1.5
1.4 C x
1.3 +-------+----,-----+-------t----'----
2.1 A
2
o 1.9 B
en 1.8
-
:::>
~
w
1.7
1.6
o 1.5
1.4
1.3 + - - - - - - t - - - - - - - t - - - - - - + - - - - -
1988/07/01 1989/04/1 0 1990/01/17 1990/1 0/24
Date
A-8
Figure 2-3 Possible Wave Counts For Trade Case 3
2.1 C
2 A
A
o 1 .9
v~l~
en 1.8
-
::>
~
w
1.7
1.6 B
o 1.5
1.4 -
1.3 - - -- -- ----..-
-
------t------+.----
r X 2 4
2.1
2
o 1 .9
en
-
::>
2
w
o
1.8
1.7 -
1.6
1 .5
1.4
1.3 ._ - - - + - -- - - 1--- - -
A -
2.1
2
1.9 ~
o
'-V~ ~5
en 1.8
-
::>
2
w
1.7
1.6 1
o 1.5 - . ~ 4
1.4 8 2
1.3 - - -1----- -- -- -- 1- -_ _
~-----------------------------------------------
2.1
2
o 1 .9 c
en 1.8
-
::>
~
w
1 .7
1.6
o 1 .5
1 .4
1.3
1988/07/01 1 989104/1 0 1990101/17 1 990/1 0/24
Date '
Figure 2-4 Possibl~ Wave Counts For Trade Case 4 A-l0
2.1 C
2
A
Cl 1.9 - 2
en
-
::>
~
w
Cl
1.8
1.7
1.6 B ~V~
B
1.5 5 CA
1.4 X (zigzag)
1.3
1988/07/01 1989/08/28 199011 0/24 1991112118
Date
2.1 C
2
A B
Cl 1.9
en 1.8
-
::>
.~
w
1.7
1.6 B
Cl A C B
1.5 (flat) -
1.4 X
1 .3 +--------+------t---------+-----
r - - - - - - - - ---- - - - - - -_ _ _ _ _ _ ------~--
2.1
2 · A
o 1.9 . A
(/)
r
1 .8
-
:::>
~
w
1 .7
1.6
o 1.5
1.4 A
1.3 - - ---
1988/07/01 1989/08/28 1990/1 0/24 1991/12/18
Date
- - - - - - - --- ------------_._---- - - - -- - - - - - -- - - - -- - -- - - - -- . _ - -
2.1
2 A C
0 1.9 C
en
r
1.8
-
:::>
~
w
1.7 .
1.6 B
0
1 .5
A
1.4 c .B
1.3 ~ ------ --t---- _ ___I-. - - - - - - - -,
2.1 C
2 A
~~
A C
1.9 -
0 5
en
-
r
1.8
::>
1.7 -
~ 8 1 4
w 1.6 .
0
1.5 B 2
1.4 X
-
1.3
1988/07/01 1989/08/28 1990/1 0/24 1991/12118
Date
Figure 2-6 Possible Wave Counts For Trade Case 6 A-13
C
A
o
en
-
:::>
:E
w
o
2.1 C
2 A
A
0 1.9 C
en 1.8
- r.f
:::> 3
1.7
~
w 1.6 1
0
1.5 2
1.4 X B
1.3
1988/07/01 1989/08/28 1990/1 0/24 1 991/1 2118 1993/0211 2
Date
Figure 2-6 Possible Wave Counts For Trade Case 6 A-14
2.1 C
2 A
A C
o 1.9
(J)
1.8
-
:::>
~
W
1.7
1.6
o 1.5
1.4 x x
1 .3 +------+-:-1. -----t---=~---:t------+--
1.9 A
1.8
Cl
en 1.7
-
::::>
~
w
1.6
1.5
Cl '\
1.4 X
B
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 ~C
1.8
Cl
en 1.7
-
::::>
~
w
Cl
1.6
1.5 1\
1.4 Co
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 A
1.8
Cl
en 1.7
-
::::>
~
w
1.6
1.5
Cl
1.4 X
1.3 + - - - - - - - - - + - - -- - - - - + - -- - - - - - t - - - -
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
Figure 2-7 Possible Wave Counts For Trade Case 7 A-16
1.9 A
1.8
c
en 1.7
::>
~ ' 1.6
w 1.5
c
1.4 X A
1.3 ~-----t------_-----t---------
1991/01/01 1991/10108 1992/07/15 1993/04/22
Date
1.9 ~C
1.8 A
c 1.7
en
-
::>
~
w
1.6
1.5
C
1.4
1 .3 -l--------t------+---------1~---
1.9 A
1.8
o 1.7
-
U)
:::>
1.6
~
w 1.5 4
o
A
1.4 X
1.3 .f-------t---------t---=-----t----
1.9 ~C C E
Cl
-
U)
:::>
~
1.8
1.7
1.6
AI -
w 1.5
Cl B
A
1.4
Co
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 A
1.8
Cl
U) 1.7
-
:::>
~
w
1.6
1.5
Cl
A
1.4 X
1.3 -1-------+--------+--------+----
1.9 A
1.8
o 1.7
(J)
-
:J
~
w
1.6
1.5 4
o
1.4 X
1.3 +------+-------t-----+-----
1.9 A
1.8
0
1.7
-
(J)
:J
1.6
~
w 1.5 4
Cl
1.4 X B
-
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 A
1.8 C
0
1.7
-
(J)
::>
1.6
~
w 1.5
Cl
1.4 X B
-
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
Fig. 2-1 0 Possible Wave Counts For Trade Case 1 0 A-19
1.9 A
5 ~
1.8 3
0
en 1.7
-
::l
~
w
1.6
1.5
4
0
1.4 X
B
-
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
A
1.9
1.8 C
0
en 1.7
-
::l
~
w
1.6
1.5
0
1.4 X B
-
1.3
1 991 /01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 ~ C
1.8 C E .
o 1.7
en
-
::l
~
w
1.6
1.5
o
A
1.4 B Q C
1.3 +-------t-------+--------i----
1.9 A C
1.8 5
c 1.7
-
Cl)
~
1.6
:E
w 1.5 4
c
1.4 X 8- 2
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
Fig. 2-11 Possible Wave Counts For Trade Case 11 A-21
1.9 A
1.8
c 1.7
en
-
:::>
:E
w
Cl
1.6
1.5
1.4
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 C
1.8 C
Cl B
en 1.7
-:E
:::>
w
1.6
1.5 B
Cl
1.4
Qc
1.3 I
1.9 A A
C
1.8
-
Cl
en
::;)
~
1.7
1.6
-5
vV?
w 1.5 X
Cl
1.4
2
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
Fig. 2-11 Possible Wave Counts For Trade Case 11 A-22
1.9 A
1.8 3
0
en 1.7
-
::J
~
w
1.6
1.5
0
1.4
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
1.9 A
C
1.8
0
en 1.7
-
::J
~
w
1.6
1.5
0
1.4
2
1.3
1991/01/01 1991/10/08 1992/07/15 1993/04/22
Date
Fig. 2-1 2 Possible Wave Counts For Trade Case 1 2 A-23
1.9 A
A
1.8
Cl
en 1.7
-
:::;,
~
w
0
1.6
1.5
1.4
1.3
1991/01/01 1991/12/17 1992/12/02 1993/11/18
Date
1.9 A
1.8
Cl
en 1.7
-
:::>
~
w
1.6
1.5
Cl
1.4
1 .3
1991/01/01 1991/12/17 1 992/12/02 1 993/11/18
Date
1.9 A
1.8
Cl
en 1.7
-:::>
~
w
1.6
1.5 B
0 X
1.4 X
1.3
1991/01/01 1991/12/17 1992/12/02 1993/11/18
Date
Fig. 2-1 3 Possible Wave Counts For Trade Case 1 3 A-24
1.9 A
1.8 A
Cl
en 1.7
-:::>
~
w
Cl
1.6
1.5
1.3 +-------+-------t-------t----
1.9 A
1.8 C
Cl
en 1.7
-
:::>
.~
w
1.6
1.5
Cl
1.4 X
1.3
1991/01/01 1 991112/17 1992112/02 1993111118
Date
1.9 C
1.8 A
Cl
en 1.7
-
:::>
~
w
1.6
1.5 X
Cl B
1.4 B A
g,c
1.3
1991/01/01 1991/12/17 1992/12/02 1993/11118
Date
Fig. 2-1 3 Possible Wave Counts For Trade Case 13 A-25
1.9 A
1.8
c 1.7
en
-
;:)
~
w
c
1.6
1.5
1.3 +-------+-------t-----+----
to Wave 1
to Wave 1
Start of Apparent Wave 3 1993/6/2 1.5808 1993/6/2 1.5808 1993/1 0/12 1.5912
to Wave 1
Case 13
Trade Plan
No. 2
Date Price
to Wave 1
Profit/Loss in US $ 284700
Balance in US $ 3384189
B-1
BIBLIOGRAPHY
Books
Periodicals
Financial statistics Monthly. Paris: OECD, Jan. 1990 - Feb.
1994.
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CUHK Libraries
000396762