Elliott Waves NM
Elliott Waves NM is a powerful tool for determining the Elliott waves using the method described in book "Mastering Elliott Wave" by Glenn Neely.
Selecting a certain wave (clicking its end with the left mouse button) fills the table with data. The selected wave is m1 (the analyzed wave). Green lines are waves m-4, m-3, m-2, m-1, m0, m2, m3, m4, m5, m6 (the waves surrounding the m1 wave). Data in the table are the ratios of lengths of the corresponding waves as a percentage. Structure labels (such as :c3, :L5, :F3, etc.) are automatically determined according to the rules described in Glen Neely's book. It is possible to determine certain Elliott patterns based on the structure labels.
:F3 - "first three". A wave with this structure designation is either the first segment of a group occurring after "x:c3", or occurs between two "fives" (:5).
:с3 - "center three". It can never be the first or the last segment of a sequence.
x:c3 - "center three in the X-wave position". It occurs between Standard Elliott patterns as a connecting agent to help build single corrections into larger formations.
:sL3 - "second to last three". This wave must always be followed by a wave with the ":L3" designation. It indicates the formation of Terminal or Triangle.
:L3 - "last three". Must be part of a Terminal or Triangle pattern and therefore must be the last of the sequence of "threes".
:5 - "five". It symbolizes any impulse wave, not concluding the Elliott price pattern.
:s5 - "unusual five". Usually occurs in Complex Elliott patterns, but it can be third wave of Trending Impulse pattern with a 5th wave Failure or with a 5th wave Extension.
:L5 - "last five". Always concludes a larger Elliott pattern. IT can also simultaneously conclude several such price patterns.
It is possible to distinguish the following monowave groups:
:5 - :F3 - :?5 - :F3 - :L5 Impulse (trending wave)
:5 - :F3 - ?5 Zigzag (corrective wave)
:F3 - :c3 - :?5 Flat correction (corrective wave)
:F3 - :c3 - :c3 - :?3 - :?3 Triangle (corrective wave)
:F3 - :c3 - :c3 - :?3 - :L3 Terminal (concluding wave)
If the last structure designation of a correction series does not contain an "L" Position Indicator, the series will need to be compacted to a "three" and made part of a "Complex Pattern".
The indicator works on the following timeframes:
- М1 - shows hourly markup;
- М5 - four-hour markup;
- М15 and М30 - daily markup;
- Н1 and Н4 - weekly markup;
- D1 - monthly markup.