Which is the best Elliott Wave Software ?

Discussion in 'Technical Analysis' started by kevinqc, May 17, 2007.

  1. kevinqc


    I am looking for an Elliott Wave software that will identify the Waves automatically.

    I am not looking for a holy grail but as a beginner of Elliott wave student, a software that I can learn some basics of identifying Elliott Counts.

    Also any books or course suggestion would be also highly

    Any website too.

  2. I've tried several. None were any good. One even presumed more than "94 Million alternative wave counts" and had to pick the best out of that. Of course, it was once again way off.

    It seems Advanced GET had marginal usefullness, but it only played for trying to catch the 4th wave correction and the following 5th wave, as I recall. Expensive, though.

    Save yourself some grief and don't get into Elliott.... jmo
  3. Don't bother. It's a waste of time.

  4. you ought to realise if no trading system trades 100% correctly then
    no software will correctly EW label 100%
    the PriceTime Movement is IRREGULAR

    ‘Elliott Wave Principle : Key to Market Behavior’ by Frost and Prechter re-introduced
    EW in 1979, several people have written books associated with EW/fibo levels and
    several charting programs incorporate some EW tools (see Menu/Software), all charting
    programs have the fibo tool, however
    Elwave for instance may generate a dozen or more EW counts —
    which one will be correct ?

    YOU are the one that has to be able to interpret EW 'manually'

    some believe The EW Master is Glenn Neely and here's what he has to say:
    "First, even if you are good at forecasting, you probably won't be right more than about
    50% of the time.
    Second, even if you are right about the direction of the market, your entry price may be
    too high or too low, preventing the trade or reducing future profit potential. Even if your
    entry was great, your stop placement may be too close or your exit too early. If you give
    each step of this process a 50% rate of success (probably too high), by the time you
    reach the end you will achieve (at best) a 12.5% success rate.
    Is there any wonder trading is so difficult for most ?"
    author of 'Mastering Elliott Wave' which I haven't read, I wouldn't want to make my
    analysis life more difficult trying to apply his methodology, as someone said about
    Neely's method, 'it makes my head hurt', which may well apply to EW generally
  5. Has anyone ever used ELWAVE by Prognosis software? Just wondered if anyone had an opinion.

    Thank you :)
  6. I have one friend who uses RET (Refined Elliott Trader) and several other friends (Optionetics students) who use Profit Source.

    The RET guy swears by his product but I hear lots of complaints from the PS guys. Apparently there are lots of data problems with PS and there's a sense that they're being gouged for data subscriptions.

    One thing you have to remember is that buying this expensive software does not give you mystical insight into the markets. You have to have a thorough understanding of Elliott Wave theory first so you understand what the software is telling you.

    I maintain my own Elliott Wave counts by hand on several stocks. I trust my own counts over what some app tells me.

    Elliott software is good for promiscuously scanning the universe of stocks for certain patterns like wave 4 buys. That's fine if that's your style.
  7. Lucrum


    What they said.
  8. Thank you for your reply, Steve :)
  9. bryans


    Can you guys provide an opinion as to the value of Elliot Wave analysis as to how the overall market is going to go?

    I am a subscriber to the elliot wave monthly forecast via the elliot wave site.

    They do the interpretations and stuff and provide a monthly report as well as daily analysis during the week.

    I am looking for help in figuring out what's going on with this market. I have a a bunch of stocks for retirement and I've been on the buy and hold method.

    Would appreciate tips for ideas including info about e wave track record.
  10. I have no idea why u want Elliott Wave....it doesn't work in the real world. I've attending conferences where they pull up charts that look so perfect with Elliott........but the truth is that, real world charts don't follow Elliott too often.

    you can try GET from esignal, which costs around $60/mo in addition to Esignal.....
    #10     Apr 9, 2009