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Credit Where It is Due  Benoit Mandelbrot’s cover article in Scientific American (February 1999, "A Multifractal Walk Down Wall Street")1 is a good read and contains important knowledge. His only omission is in properly crediting most of the ideas presented therein to Ralph Nelson Elliott, who put them forth more comprehensively, and more accurately with respect to real-world markets, sixty-one years ago in his book, The Wave Principle.2 Figure 1 shows R.N. Elliott’s depictions from 1938 of the fractal nature of markets. Figure 2 shows Mandelbrot’s from 1999. Figure 3 shows a figure photocopied directly from Elliott’s literature. Figure 4 shows Scientific American’s depiction of Mandelbrot’s thesis. It is important to understand that slight differences in the specific pattern used in these diagrams are irrelevant because Mandelbrot is not arguing a specific form, just multifractal self-affinity.   Continue with Prechter's Response Scientific Controversy Introduction  -  Mandelbrot's Article  - Prechter's Letter to the Editor  Prechter's Response - Follow-up Responses  -  Socionomics