Successful Elliott Wave analysis is always the result of a thoughtful and deliberate process. Automatic wave counts are but one part of a comprehensive approach to practising Elliott Wave analysis successfully.
Rather than repeatedly recalculate the same wave count, once you’ve already got a wave count, the typical practice is to simply continue to evolve the wave count forward in line with evolving price action.
Wave counts are meant to be tracked over time, and you should expect a wave count to remain stable over time, especially longer-term wave counts. Once you have decided on a wave count(s) to follow, you should not expect it to change significantly at the higher wave degrees as time progresses, depending on your trading horizon and chart timeframe. Wave counts should be recalculated only when necessary, such as when price action invalidates the wave count at higher degrees or is close to invalidating, although there may be other appropriate reasons. This process mirrors what a typical human Elliott Wave expert would do, although it is vastly more streamlined, robust, and precise with WaveBasis.
WaveBasis offers several tools to help facilitate sound and effective analysis workflows when tracking and updating a count over time. More specifically, it’s recommended that you use the Count Subwaves feature to periodically update only the lower degree section(s) at the end of a count that develops with live market action. This allows you to keep consistency with the larger wave count context and avoid confusion.
Then, once you’ve counted the subwaves toward the end of the count, you can use the Re-run count feature to update it as needed. Additionally, when you use the Count Subwaves feature at the end of a count, you can use the Alternate Wave Counts gadget to evaluate subwaves and their validity within your wave count. As a result, the Alternate Wave Counts gadget can dramatically improve your probability of identifying the correct count. Thus, a workflow that uses a combination of these tools is highly effective for evolving a wave count over time and deriving reliable forecasts.
If you prefer to inspect subwaves or smaller timeframes of a particular count in a separate chart, the Drilldown feature may be just right for you.
In addition to the automated tools noted above, the Project Pattern Forward feature can be used to evolve wave counts manually as waves are confirmed. This can help to provide an expected roadmap at various wave degrees and timeframes, which can be helpful for maintaining confidence in the ongoing progress of the count, as well as maintaining a clearer understanding of context and overall risk.