While it may appear attractive to scan an entire exchange or a long list of symbols 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”.

NOTE: Trading is not a game of chance, it’s a game of skill. So you don’t increase your “odds of winning” by looking at more markets. Success in trading is accomplished by sharpening your skills, and WaveBasis offers the tools and guidance to help you do that.

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.

If you need further support, please contact us via support@wavebasis.com, and we’ll be happy to assist.