A slang term for the technical analysts who appeared on the PBS television show "Wall Street Week", which aired from 1970 to 2005. The elves attempted to predict the direction of the market in the coming months and gained popularity due to their inability to make accurate predictions.

Investopedia Says:
The show's host, Louis Rukeyser, began referring to "Wall Street Week's" group of technical analysts as "elves" and called the group of technical indicators they used to forecast the market the "elves index". The market, though, seemed to always take the opposite direction of the elves index.

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