In Elliott Wave analysis, interpreting timeframes is crucial for accurate forecasting. When using WaveBasis, the ST, MT, and LT indications in the Wave Count Forecast gadget are relative to the specific range and timeframe of the wave count being described.

For instance, on a 5-minute chart, “long term” might forecast the next several hours or days, while “short term” could denote the next few minutes. Conversely, on a daily chart, “long term” could span weeks or months, with “short term” referring to just a few days.

It’s essential to note that the time period relevant to the ST, MT, and LT indications is closely tied to the timeframe of the chart you’re analyzing. The Forecast gadget should complement the chart rather than stand alone. To grasp the forecast timeframes better, inspect the incomplete wave patterns on the chart itself using the Smart Support/Resistance tool and/or the Next Subwaves gadget, (if it’s included in your plan) as well as the pattern context suggested by the wave count itself.

Understanding these nuances ensures more precise analysis and better-informed trading decisions.