In Beautiful Pictures, Robert Prechter exposes a web of instances in which major waves in the stock market during the 20th century are in Fibonacci proportion to each other in time and/or price. The size of these waves is so substantial and their relationships so close that they appear to bear out R.N. Elliott's contention that the Fibonacci sequence and ratio govern the cooperative mass psychology that vacillates in patterns that constitute the Wave Principle.

This book investigates the Dow Jones Industrial Average from its Depression lows in 1932 through 2000.