WaveBasis is continuously evolving as we constantly look for new ways to streamline the practice of Elliott Wave analysis and improve the process of finding reliable trade setups. The latest release brings improved stability (bug fixes!) and much better overall performance, especially when you have many charts active in your workspace.
So, this is just a quick update to let you know about some of the recent additions to the platform.
We’ll also take this opportunity to thank you for all the feedback we receive. We’re listening…and we’re working hard to give you what you want. So enjoy the latest updates…and keep the feedback coming in!
1. Waves on all timeframes
It’s always been easy to perform multi-timeframe analysis with WaveBasis while keeping the larger timeframe market context in constant focus. Now we’ve made it even easier.
Now, when you have a wave count on a chart, the wave count will stay on the chart as you change to other timeframes. Also, the wave count will follow your timeframe transitions with precision. And, by “precision”, we mean that the wave count will anchor all of the waves in the count to the exact high and low prices on the chart.
Why is this important?
This is important because it means you can easily refine your analysis as you proceed from higher time frames to lower time frames in pursuit of a trading opportunity that matches your trading objectives. When wave counts seamlessly transition between timeframes it helps you maintain consistency as you move through the phases of your analysis. It can also eliminate the confusion often associated with analyzing multiple timeframes.
Perhaps most importantly this new feature means that all of the integrated Smart Tools and gadgets that help you assess wave counts and choose trading opportunities continue to stay in sync as you view various chart timeframes. Really cool. This has quickly become one of my favorite features. When combined with features like Counting Subwaves and Timeframe Drilldown, the process of assessing wave counts to find the operative or “correct” count is even more fluid and natural.
You can enable or disable this feature by selecting “Waves on all timeframes” from the Smart Tools and wave count settings menu in the left toolbar, as shown below:
2. Alts for subwave counts
Previously, when you counted subwaves between completed waves in a count, you were not presented with alternate subwave counts. Alternate counts were only displayed for subwave counts that were part of an incomplete wave at the end of a wave count.
With the latest release you can now enable “Alts for subwave counts” as shown in the picture above in order to display a list of alternate counts in the Alternate Wave Counts gadget.
Why is this important?
Since subwave counts are always valid, in most cases you may not need to see alternate subwave counts for completed waves – since the larger degree wave is already completed anyway.
However, there may be scenarios when alternate subwave counts can help increase your confidence in the larger degree wave/pattern, particularly if a particular subwave count departs significantly from what might be considered “ideal” structural proportions. So, now you can settle on the subwave count that best suits your taste, however again, this will not impact the labelling or validity of the larger degree wave/pattern.
3. Scale font by wave degree
By default, all wave labels are displayed on charts in the same size font, for clarity (but this can also lead to overly-cluttered charts). When you’re ready to take off the training wheels, enable the “Scale font by wave degree” option to display waves at lower degrees in a smaller font!
Stay tuned for the next update!