The wave theory was propagated by Ralph Nelson Elliott. He is known as the father of the Wave Theory. Today, it is referred to as the Elliott Wave Principle. He was born in 1871 in Marysville, Kansas. He enjoyed a really long working life in accounting as well as business practices of several companies. At the age of 58, he unfortunately was relegated to the home thanks to an illness. Needing to keep himself occupied, he turned to studying the patterns of the stock market.