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ELWAVE
ELWAVE Add-on for MetaStock
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More information on ELWAVE Basic

   

What you find described below is only the Basic version of ELWAVE. The Automatic module will do the Elliott Wave analysis fully automatically and present the results in the Summary Inspector

Below you will find an explanation and a screenshot of ELWAVE which shows the results after the manual wave count has been checked by the software. Please note that you have to insert the wave labels manually when you only use the Basic version. The layout of the screen can be defined by the user in order to present the information according to your preferences.

At the right bottom we have put the chart that has been analyzed. Above the chart you will find the Fibonacci ratios of the selected wave (wave IV) and its subwaves. This shows clearly the fit of the internal Fibonacci relationships. A lot of "red hot" Fibonacci's increase the probability of a wave count.

Above the wave count you can put the indicator(s) you would like to see. Clearly the RSI shows a divergence at wave C and E indicating that a reversal is at hand. The TABS (Elliott Osc, RSI 14, MACD etc.) facilitate switching between indicators immediately.

At the left the so called "Wave tree" is visible. The Wave tree visualizes the wave structure that has been defined. A cross (X) in a wave tree button indicates that a wave has not yet been finished or that a wave degree is missing. If ELWAVE has found one or more matching patterns, these will be displayed next to a wave button, which contains the wave label. Of course each wave label represents a wave and each wave should contain a valid pattern.

If no pattern has been defined the message "undefined" will appear. If no pattern has been found, indicating that important rules have been violated, the message "No patterns match" will appear! Since rules have been violated this urges the user to change the wave count.

The wave tree helps to navigate the chart and to go quickly to those sections of the chart, which need further inspection or fine tuning. Just click on a wave button in the wave tree and the chart window will show the correct section of the chart as well as the wanted detail level. At the same time the Fibonacci pane, if activated, will show the connected Fibonacci ratios. Clicking on a "+ button" will expand the wave, clicking on the "- button" will collapse the wave.

Below the Wave tree you will find a list of the main errors found. Clicking on one of the items in this list will immediately display the correct section in the Wave tree and chart, and show where an error has been detected.

In the middle of the screen the "Wave inspector" gives information on the wave under inspection. In the Wave tree wave IV has been highlighted, ofcourse the chart shows wave IV, the Wave inspector displays information with regard to the pattern found in wave IV.

The pattern which has been found by ELWAVE is an Expanding Triangle. Since this is the only matching pattern, its information has been displayed automatically. First you will find the definition of the pattern and some general information. Then the check on the "Internal structure" of the wave under investigation is listed (in this case an Expanding Triangle should contain corrective patterns only), next the RULES and GUIDELINES are displayed. You can for instance choose to display all rules or only the rules which caused a rule violation.

Under Guidelines in the Wave inspector, you will also find general information on the behavior of channels and indicators with different patterns.

If you choose one of the "mismatched " patterns, which are listed at the top right of the Wave inspector, information on that particular pattern will be shown. A red cross will indicate clearly which rule has been violated.

 

screenshot
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