The Elliott Waves are a form of technical analysis that was developed by Ralph Nelson Elliott in the 1930s. The theory is based on the idea that financial markets move in predictable patterns, which can be identified and analyzed using a specific set of rules. According to the theory, market trends can be divided into a series of waves, each of which can be characterized as either an impulse wave or a corrective wave. Impulse waves move in the direction of the larger trend and are made up of five smaller waves, while corrective waves move against the trend and are made up of three smaller waves. By identifying and interpreting these waves, traders can make predictions about the future direction of the market and make informed investment decisions.