Welcome to the Certified Elliott Wave Analyst Program

The Certified Elliott Wave Analyst program confirms the highest level of proficiency and practical application of Elliott wave analysis for individuals and financial professionals. Work toward becoming an accredited expert in your field, and realize the benefits of your CEWA designation.

  • EWI's Certified Elliott Wave Analyst program:

    Announcing THE Definitive Certification for Elliott Wave Professionals

    The world's largest independent technical analysis firm is pleased to offer the Certified Elliott Wave Analyst program (CEWA) for financial professionals, analysts and traders who wish to evaluate their aptitude in applying the Elliott Wave method.

    The CEWA program gives you the opportunity to earn the coveted "Certified Elliott Wave Analyst" distinction, which in turn can help open career opportunities for you in the field of technical analysis.

    Employers know that individuals who earn the distinction have proven themselves skilled in applying the Wave Principle, one of the most recognized forms of technical analysis.

    The Process

    Candidates must pass both the Level 1 and Level 2 Exams to achieve the CEWA designation.

    The designation shows you are competent to perform the full range of Elliott wave analyses in various market scenarios, including accurately labeling idealized wave patterns and identifying wave counts.

    If you score 90% or greater on the Level 2 Exam, you achieve the CEWA Master designation (CEWA-M). CEWA-M designees can request eligibility to teach EWI-licensed courses.

    The CEWA program is designed and administered by Elliott Wave International, the largest independent technical analysis firm in the world. We employ dozens of full-time analysts who publish content across every timeframe, on the theory, practice and application of Elliott waves. EWI's founder Robert Prechter (CMT, CEWA-M) co-authored the 1979 classic Elliott Wave Principle: Key to Market Behavior, the definitive textbook on the Wave Principle.

    Where Did CEWA Come From?

    The CEWA program's origins began nearly 30 years ago.

    In the late 1980s we conducted a series of live two-day Elliott wave workshops, which taught the basics of the Wave Principle. Robert Prechter directed the instructors and taught many sessions himself.

    Many workshop students requested an advanced tutorial on the Wave Principle, so EWI began to design just that: Our goal was to go beyond a parroted-back knowledge of definitions, and instead provide a rigorous, true test for comprehension and application of the Elliott Wave Principle.

    EWI's Dave Allman designed the course in consultation with professional educators and after interviews with Elliott wave professionals whose combined experience then totaled some seven decades in nearly 100 financial markets.

    The resulting two-day course provided about 16 total hours of teaching. We designed the class to be interactive, with lots of Q&A. We devoted the initial three hours to basic review, to help students identify and clear up any areas of weakness. Only then did we move on to "Advanced" Elliott.

    We presented the Advanced Tutorial to several hundred students over the next few years. At first we hoped to administer a test at the end of the two-day session, but it soon became clear that time wouldn't allow it. So we sent students home with blank charts, instructed them to label the charts without breaking any rules, and to apply guidelines such that test graders would see that they had mastered the Wave Principle.

    At that time we conferred four grades:

    1) Attended (for students who chose not to submit a final, or who submitted a final but did not receive a passing grade),

    2) Successfully completed,

    3) Demonstrated an above-average aptitude, and

    4) Excelled.

    Of the several hundred students who attended the course, only three or four received the "Excelled" ranking. Ultimately we hired two of them as analysts at Elliott Wave International.

    Flash forward to 2012. Dave and Wayne Gorman, co-author of Visual Guide to Elliott Wave Trading with Jeffrey Kennedy, designed a fully automated, online deliverable CEWA Level I test of basic Elliott Wave knowledge. We also designed our first version of CEWA 2 -- a hand-deliverable only beast, each one of which took us, literally, days to grade.

    Today's new CEWA program has been scrupulously vetted: Not only are there the original authors' now 120+ years of experience applying the Wave Principle to financial markets; we also used feedback from EWI's analysts (another 200 years of combined Elliott wave experience).

    The coursework is distilled, hands-on Elliott knowledge as taught to hundreds of students across multiple decades.

    Flash forward, again, to 2016: Dave and Wayne contracted Qualitative Analytics, the programming group that runs the EWAVES and Flash services offered by EWI. Thanks to their programming savvy and upgrade of the Idealized Elliott wave generator program, the new CEWA 2 is fully automated, deliverable online and 100% machine-gradable.

    Become Accredited in Your Field

    The Certified Elliott Wave Analyst program creates a recognized standard for applying Elliott wave analysis in the real world.

    The CEWA designation establishes the recipient's high level of ability and may be presented to institutions, professionals and the investing public.

    Individuals may use the CEWA program to improve their knowledge of the Wave Principle and to hone their analytical skills through challenging exercises and two levels of examination.

    Financial professionals may use their CEWA designation to display to potential employers and prospective clients their expertise in Elliott wave analysis.

  • About the CEWA Level 1 and Level 2 Examination Process

    To complete the CEWA examination process and receive your CEWA designation, you must pass both the Level 1 and Level 2 exams within a two-year period.

    Level 1 Exam

    You may register for the Level 1 exam online via the link below or by contacting EWI Customer Care. When you register, we will provide you access to the CEWA portal, which gives you the test prep resources necessary to learn the Elliott Wave Principle and to practice and prepare for the exam.

    You receive online access to these Level 1 prep resources:

    • Frost and Prechter's definitive textbook, Elliott Wave Principle: Key to Market Behavior
    • 'The Basics of the Wave Principle' online course
    • A selection of classic Elliott Wave Theorist issues covering finer points of wave analysis
    • A basic Elliott wave self-quiz
    • The online CEWA Q&A forum

    You can take up to one year from the date of registration to study and prepare for the test.

    • Test Duration: 60 minutes
    • Test Format: Online only with multiple-choice, true/false and yes/no questions
    • Grading: Pass/Fail (80% required to pass)
    • Level 1 Exam fee: $300 ($150 per retake)

    Level 2 Exam (Available to candidates who pass Level 1)

    Once you pass your Level 1 Exam, you are eligible to take the Level 2 test. You may register by contacting EWI Customer Care. Once you're registered, you will have access to new test prep resources in your CEWA portal. The Level 2 exam is rigorous. We encourage all candidates to complete a period of preparation, study and real-world application and be comfortable with their ability to correctly label charts before taking the Exam.

    Once you're registered, you receive online access to these Level 2 prep resources:

    • Characteristics of Impulse Waves, video 3 from our 10-volume Classic Elliott Wave Educational Series
    • Characteristics of Corrective Waves, video 4 from our 10-volume Classic Elliott Wave Educational Series
    • An interactive chart labeling practice area
    • The online CEWA Q&A forum
    • Continued access to all Level 1 preparatory resources

    You have one year from the date of registration to complete the Level 2 Exam. Note: To complete the CEWA examination process and receive your CEWA designation, you must pass Level 1 and Level 2 exams within a two-year period.

    • Test Duration: 5.25 hours. (Once you begin the Level 2 Exam, you have 72 hours to complete all five of the exam's sections.)
    • Test Format: Online only. Five parts including multiple-choice, multiple-response and chart labeling questions.
    • Grading: You must score no lower than 80% on any section, thus achieving an overall score of at least 80%. To receive a Masters (CEWA-M) designation, you must receive an overall grade of 90% or above.
    • Level 2 Exam fee: $1500 ($250 per test per retake)

    What happens at each step of the CEWA process?

    • After registering for the Level 1 Exam
      Your exam fee gets you everything you need for the Level 1 Exam: Level 1 preparatory resources including access to the Q&A forum and access to the Level 1 Exam itself.
    • After passing the Level 1 Exam
      When you pass the Level 1 Exam, we send you an Acknowledgement of Completion. You become eligible for the Level 2 Exam, should you decide to register.
    • After registering for the Level 2 Exam
      Your exam fee gets you everything you need for the Level 2 Exam: Level 2 preparatory resources including access to the Q&A forum and access to the Level 2 Exam itself.
    • After passing the Level 2 Exam
      When you pass the Level 2 Exam, you become a Certified Elliott Wave Analyst and may use the post-nominal letters CEWA and display the CEWA insignia on your printed and online materials. When you pass the Level 2 Exam with a CEWA Master designation, you may use the post-nominal letters CEWA-M and display the CEWA insignia on your printed and online materials. CEWA-M designees also may request eligibility to teach EWI-licensed courses. All Level 2 graduates receive a personalized CEWA Certificate of Achievement signed by CEWA Administrator and EWI Senior Instructor Wayne Gorman and have their names (and company names and websites, if applicable) displayed on the CEWA Graduates webpage on elliottwave.com. Those who achieve the CEWA Master designation will receive a special Master-level Certificate of Achievement and have their names (and company names and websites, if applicable) displayed in the CEWA Masters section of the CEWA Graduates webpage. (Displaying your information on the CEWA Graduates webpage is optional.) CEWA designees may refer employers, clients and the public to the CEWA Graduates webpage for verification.

    If you are interested in certifying your Elliott wave knowledge or working as a professional in the field of technical analysis, the CEWA examination process is the most comprehensive and rigorous assessment of its kind and is the ultimate accreditation of your proficiency.

  • Got Questions? Wayne Gorman, CEWA-M Has You Covered!

    We recognize that there is no amount of materials that can answer all of your questions while you are studying the Wave Principle. That is where Wayne Gorman, CEWA-M comes in. Wayne is your Elliott wave "guide" through your test preparation. You can ask him your questions via the Q&A forum in your CEWA portal and he will provide an answer as soon as possible.

    Wayne Gorman

    Wayne Gorman, CEWA-M

    Wayne Gorman, CEWA-M, is head of EWI's Educational Resources and administrator of the Certified Elliott Wave Analyst exam. Wayne helped design the Certified Elliott Wave Analyst (CEWA) program as well as The Masters Circle mentorship at Elliott Wave International.

    Wayne has more than 30 years of experience as a risk manager and trader. He earned his MBA from Columbia Business School and began his career in finance at Citibank, where he managed money market and derivative portfolios in New York and later traded foreign exchange in London. He went on to serve as risk manager and monitored more than 100 traders and six trading desks.

    Wayne was next recruited as treasurer for Westpac Banking Corporation in New York, where he eventually became Senior Vice President & Head of Offshore Treasury. He also traded full time with his own capital for more than four years before joining Elliott Wave International in 2002.

    After joining EWI, Wayne taught thousands of individuals how to apply Elliott wave analysis -- both in the classroom and by mentoring individuals as they trade. In 2013, Wayne co-authored the Amazon best-selling book Visual Guide to Elliott Wave Trading, published by Bloomberg Press.

    From seminars to conferences to online courses to customized onsite training for professional trading desks, Wayne loves sharing his Elliott wave knowledge and has taught thousands of people all over the world how to forecast and trade using Elliott wave analysis.

Register now to join an elite group of technical analysts:

CEWA Level I Exam $300
The Level 1 Exam is a prerequisite for the Level 2 Exam and for the completion of the CEWA designation. Your registration includes: