One of the most common struggles when learning to applying the Elliott Wave approach is deciding where to start a wave count. The built-in Automatic Pivot Detection in WaveBasis solves this problem once and for all. We’ve effectively removed the guesswork from the process.
Since it’s built in, you don’t need to do anything to enable Automatic Pivot Detection. However, enabling the Autocount Start Smart Tool is recommended, even for experienced Elliott Wave practitioners.
When you enable Show Autocount Start from the Smart Tools menu, a “blue dot” will appear on your chart to let you know where a new automatic wave count will start if you run one. The blue dot is also useful if you count Elliott Waves manually, since it’s an indication of the most relevant market turning point in a particular chart range.
NOTE: The position of the Autocount Start indicator depends on your current automatic wave count Date Range setting. So, for example, if you have selected a fixed range (eg, Last 250 bars), the Autocount Start Indicator will be positioned at the most sensible starting point within the selected fixed range.