Localised Elliot??

[silverxx12]

Not too sure about this one but i think i should use a localised elliot count is that correct?? I'm not sure because the elliot algorithmis suppossed to calculate at least 300 bars and if i localise then it will not count that many bars back??If there are times when one should localise does anyone know when that should be and if so how many bars should be taken into acount or does that not matter?

[MR]

Hi Silverxx12,

Just some very quick ideas for you to play with... try localizing from the low as you asked, but also do another check where you localize further back. You may wish to cross reference with the daily and see if you can define other supports, resistances, how this time frame fits in with the bigger picture. That would help in identifying if this is a bigger Wave 4 or a possible bottom with more rally potential. When you are looking at data bars to use, anything less than 300 can generate erroneous results ultimately, but it can be helpful when checking or confirming scenarios. If you have to error, error by adding more data. This is why I said try both ideas. By calculating this example further back you may start to see higher W4 Channels, projections, etc, that would then make more since in this current rally. It could also give the localize at bottom a little more positive attention. All wave counts have interrelations. When we localize we want to focus more on calculating from the whole sequence in progress or just the beginning of a new sequence when trying to better understand the current setup. There are other considerations such as cross-referencing the higher time and use that to add to these localization interpretations, how are the oscillators looking, if you have the real-time data you may even check some time frames between the hourly and daily and look for synergy. The hourly, for example, may not be picking all the data within a trending short-term sequence, but something like a 90 or 120 minute might give your localized interpetation additional feedback.

[silverxx12]

Hi Marcus ,

Thanks for the reply and i know you said you were quite tied up with work but would it be possible to show in a few pictures what you mean because i dont fully understand whaat you mean .I'm sure you've heard the saying pictures speak louder than words so if it's not too much trouble could you just illustrate the steps that i should go through such as in this example because i'm just wetting my feet with elliot analysis thks ever so much

[MR]

Sure! Is no problem, would be more than happy to create some charts examples for you ... normally I would have done it already without being asked, but like you said, am in a little bit of a time constraint today.

Tell you what, as soon as I can finish a previous committment today, I will do some work on your example. It will be a 'quick look' but will promise to make it helpful to you. -marc

[silverxx12]

THANKS SO MUCH

[MR]

Localize EW count

Hi Abraham!

I posted a sample chart to illustrate general comments below on the 'localize' eSignal/AGET feature. -marc

Click here to review it.

or here

[dv-1]

Hello, I'm trying to change the wave count on EW properties, but it doesn't seem to change the count (I don't see add'l bars on the chart beyond the 300), what am I missing? thanks.

[MR]

Hi,

Use the Localize selection in the pulldown menu.

[DuaneG]

Dv-1,

You may also want to review this post by JayF regarding the localizing of Elliott Wave study. It tends to clear the wave count up significantly....yesterday's open was a prime example.