Unlike Elliott Wave tools that follow one set of rules, Elliott Wave lets you choose between five schools of counting, and every count it made stays on the chart: finished, or invalidated with the rule it broke.

How it works

• Swings come from a ZigZag (depth 12, deviation 5 ticks, backstep 3) on confirmed bars. A second ZigZag with one third of the depth counts the subwaves inside each wave: 5, 9 or 13 means a motive wave, 3, 7 or 11 a corrective wave.
• One count runs at a time. On every bar it is checked again from the same starting swing, using only the swings known at that bar. If a wave has not yet met a rule, the count waits. The count is complete when the next swing after its last wave appears, and invalidated when a rule breaks. Once a wave is numbered, the number never changes.
• After an impulse is complete, the correction from the end of wave 5 is counted. New counts start after the last complete one.
• Prechter (default): the three rules of Elliott Wave Principle by A. J. Frost and R. R. Prechter. Wave 2 never moves beyond the start of wave 1, wave 3 is never the shortest of waves 1, 3 and 5, and wave 4 never enters wave 1 territory. A diagonal is accepted when wave 4 overlaps wave 1 but stays above (below) the end of wave 2 and waves 2 to 4 are not five-wave moves. A truncated fifth is accepted when wave 5 has five subwaves.
• Corrections (all schools except Fibonacci): zigzag or flat when wave C moves beyond the end of wave A, running flat when wave B moves beyond the start of wave A and wave C has five subwaves, and triangle when no wave has five subwaves (wave D stays within wave B, wave E within wave C).
• NEoWave (Glenn Neely): wave 2 retraces 61.8% at most and takes at least as long as wave 1, wave 4 stays out of the range of waves 1 and 2 and takes at least as long as wave 3, and one of waves 1, 3 and 5 is at least 161.8% of the shortest.
• Oscillator (Tom Joseph): uses the 5/35 oscillator of the median price. Its peak in wave 3 is higher than in wave 1. In wave 4 it goes no further than 40% of that peak beyond zero, and comes back within 10% of it before price passes the end of wave 3. Its peak in wave 5 is lower than in wave 3.
• Harmonic (Ian Copsey): the same three rules, but waves 1, 3 and 5 must not have five subwaves.
• Fibonacci: wave 2 retraces 23.6% to 78.6% and wave 4 23.6% to 61.8% of the wave before (8% tolerance), wave 3 is at least 161.8% of wave 1, and wave 4 stays out of wave 1 territory. Corrections: wave C is at least half of wave A and moves beyond the start of wave A.
• When several counts are possible, the one whose ratios are closest to Fibonacci ratios is chosen.
• Targets: wave 3 = end of wave 2 + wave 1 × 1.618 (Harmonic 1.764). Wave 5 = end of wave 4 + wave 1 (Fibonacci: + 0.618 × start of wave 1 to end of wave 3. Oscillator: + wave 1 when wave 3 is at least 1.62 × wave 1, otherwise + 0.62 × start of wave 1 to end of wave 3). Wave C = end of wave B + wave A (Oscillator, expanded flat: × 1.62). After a complete impulse: the end of wave 4.
• Invalidation: in wave 2, the start of wave 1 (NEoWave 61.8%, Fibonacci 86.6% of wave 1). In waves 3 and 4, the end of wave 2 while a diagonal is still possible, otherwise the end of wave 1. In a triangle, the end of wave B (wave D) or wave C (wave E).

On the chart

• Top right: the count, the wave in progress, the invalidation price and the target.
• The current count: wave numbers 1 to 5 or A to E. Impulses are solid lines, corrections dashed, and the wave in progress dotted.
• Complete counts in the same colors and width, with their names.
• Invalidated counts in gray up to the wave that broke a rule, marked "Invalidated". Hover the label to read the rule.
• The target: a dotted path from the start of the wave in progress and a solid line at the target price.
• Fibonacci levels of the wave in progress as dashed lines.
• The invalidation price as an orange dashed line.
• Green is bullish and red is bearish. When no count is running, the best possible count is shown. Every part can be turned off.

Alerts

Use the "Any alert() function call" condition. "Complete or invalidated": when a count is complete or breaks a rule. "Every new wave": also when a count starts and when each wave ends.

Notes

• The last swing can still move until the next swing appears, so the wave in progress may still change. Complete and invalidated counts never change.
• Waves are counted over the most recent 3,000 bars (Bars to count).
• Counts can differ between data feeds and timeframes.