The Wave Count Forecast gadget automatically provides short-, medium-, and long-term forecasts for any wave count in your workspace.
The gadget also interprets and explains what wave counts are saying about the market, in easy-to-understand plain language. The forecasts are similar to what you might receive from an Elliott Wave newsletter or service.
It’s like having an Elliott Wave expert guiding you at all times!
The Forecast gadget is a great way to reinforce your Elliott Wave knowledge and to improve your skill at interpreting wave counts. Discover the expert’s secrets for understanding what a wave count is telling you about a market’s likely next moves. More advanced traders can use the automatic forecasts as confirmation or comparison with their own wave count interpretations.
The Forecast gadget provides a customized forecast that is specific to any automatic wave count, including autocounts that you have modified. It will also display forecasts for manually drawn wave counts.
How do I use it?
Select the Wave Count Forecast gadget from one of the gadget menus, as you would any other gadget. Once the gadget is open in your workspace, it is automatically activated.
The gadget will show a complete forecast for the wave count displayed on your current chart. The forecast includes 2 main areas:
- Directional Term Forecasts give you an at-a-glance assessment of a wave count’s projections. Short Term (ST), Medium Term (MT), and Long Term (LT) directional forecasts are displayed at the top of the gadget with icons colored red for bearish and green for bullish.
- A Detailed Count Interpretation helps you understand the count and quickly build confidence in your trade thesis. The detailed commentary describes what the wave count is telling you about the market’s most probable next moves.
For best results, you can visually study the wave count on the chart in combination with reviewing the written forecast. This is an effective way to solidify your understanding of the forecast, which is a key step along the path to making a trading decision.
NOTE: It’s important to keep in mind that the Directional Term Forecasts are relative and specific to the time frame of the chart that you are analyzing. So, for example, the long term forecast for a wave count on a 5-minute chart has a different meaning and context than the long term forecast for a weekly chart. Be clear about your trading time horizon.
NOTE: Like most WaveBasis gadgets, the Forecast gadget is integrated with the charts in your workspace. So, if you navigate to another chart or tab, the Forecast gadget will stay in sync to display the forecast for your current chart.
If your plan includes the Next Subwaves gadget, the Forecast gadget is also included as a Next Subwaves companion. Access it by clicking the Count Forecast tab as shown below.