1. Home
  2. Docs
  3. Reference Guide
  4. Using The Smart Tools
  5. Wave Count Enhancements

Wave Count Enhancements

Smart Support/Resistance

When enabled, hovering your mouse over a wave label will automatically show minimum target support or resistance areas (depending on the wave) for the next wave in the pattern, using standard fibonacci mathematics and statistical modeling. Support/Resistance areas are not predictions per se, they are the highest probability zones for the next market turning point based on the current pattern.

Smart Support and Resistance areas are an extremely powerful guide to anticipating market turning points and identifying high probability entries/exits. And, when combined with features like Timeframe Drilldown can help lead the way to quite accurate timing.

Additionally, inspecting past support/resistance areas is a key component of evaluating and building confidence in a given Elliott Wave count. The more in line with statistical expectations a given wave count is at various degrees, the more confidence is suggested.

 

 

 

Smart Fibs™

When enabled, hovering your mouse over a wave label will automatically show Fibonacci retracement or extension levels, depending on the wave. The Smart Fibs know when you’re interested in extensions versus retracements based on the wave that you hover over. Hover a wave 1 to see the Fibonacci retracement levels in anticipation of wave 2. Hover a wave 2 to see Fibonacci extension levels in anticipation of wave 3.

 

 

 

Smart Channels™

When enabled, hovering your mouse over a wave label will automatically show Elliott Trend Channels calculated up through the selected wave. So, when you hover a wave in a pattern, the channel that is displayed is the same channel that you would have been able to calculate at the point in time that the wave occurred. Hence, when you hover a wave 1 in an impulse pattern, no Elliott Trend Channel will be displayed.

 

 

 

Smart Fans™

When enabled, hovering your mouse over a wave label will automatically show Fibonacci fan retracement levels.

 

 

 

Smart Arcs™

When enabled, hovering your mouse over a wave label will automatically show Fibonacci retracement or extension arcs, depending on the wave.

 

 

Show Wave Lines

When enabled, hovering your mouse over a wave label will show the lines connecting the subwaves of the wave pattern.

 

Show All Lines

Click this to toggle on and off the lines between all wave points that are currently on the chart.

 

Show # Bars

Whether or not to show the number of bars next to wave labels on the chart.

Was this article helpful? Yes 5 No

How can we help?