Elliott Wave Theory
has been successfully used by top traders and investors to assist in market predictions since the 1930s (https://en.wikipedia.org/wiki/Elliott_wave_principle) when Ralph Nelson Elliott, published his theory of market behavior in the book "The Wave Principle", and stated that "because man is subject to rhythmical procedure, calculations having to do with his activities can be projected far into the future with a justification and certainty heretofore unattainable."
Technical analysis requires you to study charts on price averages, trading volumes and a multitude of technical market theories like Dow theory, Relative Strength Index, Elliott Wave theory
Now TA-1 is able to analyze waves and predicts the next extreme (high or low price) similar to Elliott Wave theory
of recurrent stock market price structures.
According to the Elliott Wave Theory, stock prices tend to move in a predetermined number of waves consistent with the Fibonacci series.
Elliott Wave theory ascribes names to the waves in order of descending size:
According to the FT, some fans of the Elliott wave theory
reckon that the market peak in 2000 was the top of a five-wave pattern that began at the market's low point in 1932, meaning that a massive setback is imminent.
In that context, the Fibonacci cycles are an appropriate tool for the Elliott Wave Theory, where they can be used for local tops and bottoms of the various waves of a cycle or the Dow/Edwards-McGee Theory (details are provided in  and ) where they can give important confirmation of patterns which predict reversals or breakouts, or of doubtful consolidation patterns.
The basis of the Elliott Wave Theory has been developed from the observation that rhythmic regularity has been observed in the stock market over an eighty year period.
The longest cycle in the Elliott Wave Theory is called the Grand Super-cycle.
Wong  and Prechter and Frost ,  described the basic principles of Elliott Wave Theory. They observed that the theory interprets market actions in terms of recurrent price structures.