While it may appear attractive to scan a whole exchange at once, the Wave Scanner is not intended to be used as a signal generator or the way one might use a typical “screener”. In addition to adding one symbol at a time to your scans, you can also add entire watchlists to the Wave Scanner with a single click. However, this is a case where “more” is not necessarily “better”.
Each scanner result is a wave count, and while it’s often the case, not every result will be well-structured, fully reliable, and ready to be traded. For this reason, all scan results should be evaluated in the same way that any other wave count would be. In addition, it’s particularly essential to make sure that scanner results include meaningful wave count starting points. Therefore, it’s best to consider each scan result as a part of the starting point for your continued analysis.
Perhaps even more importantly, scanning a large number of markets, such as an entire exchange, would generally produce quite a large number of results, and evaluating a large number of wave count results in a reasonable amount of time would be unwieldy and impractical.
You should be able to easily find a rich and promising set of results by scanning a deliberately selected group of symbols that interest you. We have written a comprehensive article that provides excellent guidance on how to get great results with the Wave Scanner by working smarter, not harder. This is in line with our aim to encourage Elliott Wave analysis best practices.
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