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In this paper we introduce our method that is able to analyze and recognize Elliott waves in time series. Our method uses an artificial neural network that is adapted by backpropagation. Neural network uses Elliot wave's patterns in order to extract them and recognize. Artificial neural networks are suitable for pattern recognition in time series mainly because of learning only from examples. There is no need to add additional information that could bring more confusion than recognition effect.doi:10.7148/2012-0361-0366 dblp:conf/ecms/KotyrbaVBJ12 fatcat:4nnwxfjasfbdplvn4gjbviyl5a