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We have given a lot of time and effort to implement
the Elliott Wave, designing it as user friendly as can be.
ELWAVE integrates charting with the Elliott Wave Principle
providing the following features:
Labeling of waves
The Elliott Wave analyst will track the waves in a structured
way and label them accordingly. The labels appear on the chart
ranked by wave degree and will be clearly visible in the appropriate
proportions at the right spot at all times, also when using
the zooming facilities.
Wave detail can be adjusted to see more or less wave degrees
in the chart. When new data has been loaded only new labels
need to be added to a scenario. Using "drag and drop"
techniques makes it real easy to label the waves or change
the labeling.
Scenarios
Labeling waves results in scenarios. An unlimited number of
scenarios can be defined and saved for the same chart data.
These scenarios can be compared and changed. When a scenario
is no longer "preferred" it can easily be replaced.
These scenarios can be saved along with the screen layout,
for instance other charts on the screen, the trendlines, spirals,
active indicators etc.
Channeling
As soon as waves have been labeled, you can draw channels
automatically, just by dropping them on a wave label. If for
instance you drop it on wave label 3 a trendline will be drawn
from wave 1 to wave 3 and a parallel line starting at wave
2. Dropping the channel object on other wave labels will create
the appropriate channel.
Fibonacci ratios
By selecting the wave label you can calculate the Fibonacci
price relationship of the selected wave degree and the underlying
waves at once. A "Fibonacci thermometer" indicates
how hot this labeling is and in what section improvement is
possible. Repositioning the wave labels changes the ratio
calculations automatically, which makes it possible to search
for better scenarios.
Price targets and Target bars
Price targets can be calculated by selecting wave labels and
choosing the "Quicktarget" command. The clusters
of price targets will be displayed in the chart immediately,
which visualizes the clustering of targets and thus the best
wave count. Using the Check Wave Count to analyse your own
wave count will display the target bars in the chart automatically.
Moving the wave label to another position will also move the
price targets as well as other objects that are connected
to this wave label. Also price targets can be determined with
Fibonacci ratios, trendlines and spirals.
Spirals
You can add logarithmic spirals to your chart anywhere you
like. You can adjust these spirals to try to fit them to a
pattern you have discovered. In addition you can drop spirals
on wave labels to position them automatically.
Validation of wave counts by checking
rules and guidelines
This analyses the wave count you have defined for a price
chart and it will give feedback on the validity of the count.
ELWAVE first evaluates numerous specific Elliott Wave
rules to determine if rules have been broken and to classify
the appropriate patterns for every wave. Next it will check
all guidelines to see which guidelines have been met or broken
in order to give some insight in the probabilities of the
wave count. Once the analysis has been done, which takes a
split second, you can inspect each pattern found. It will
be very easy to cruise the chart with the help of our "Wave
tree", which gives a visual presentation of all defined
wave degrees.
Clicking on a wave label in the wave tree will zoom in on
the appropriate section in the chart, show the connected fibonacci
ratios, and reveal which rules and guidelines have been met
or broken in an orderly manner. This is the forerunner of
the "Automatic Analysis" where ELWAVE does
the preliminary work as well.
Projecting patterns in the chart to forecast
prices
Using the Wave inspector you can show a pattern in the chart
of all defined patterns by just clicking on the pattern. This
way you can easily compare the fit of the pattern with the
actual price development or you can project a pattern to forecast
a future price development.
Elliott Wave Swing filter
This proprietary swing filter discovers the major turning
points on all wave degrees!
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