The goal of this article is to help the platform developers improve he final product..!
Chart pattern beta is a new feature on the indicator menu.
First let’s define what Beta version means:
Beta version is an early version of a program or application that contains most of the major features, but is not yet complete.
This is a very important key that needs users attention..!
In the above example you see two different setting for this indicator, Absolute vs Percent.
There are 3 cardinal rules that needs to be considered in Elliott wave analysis:
1: Wave 3 can NEVER be the shortest impulse wave.
2: Wave 2 can NEVER go beyond the start of Wave 1.
3: Wave 4 can NEVER cross in the same price area as Wave 1.
As you can see in percent mode the first and the most important rule is not met..!
Wave 3< 0.618 * wave 1
Wave 3< wave 5
So
This automated feature doesn’t count correctly and breaches the cardinal rule number 1.
Moreover
In the absolute mode you can see wave one is bigger than wave 3 and wave 5 , interesting, wave one is equal to wave 3+ wave 5, which can not be correct.
Usually, wave 3 or wave 5 is the longest or the most strong wave not the wave 1.
I strongly believe these problems and basic rules need to be corrected in the future versions.
Best,
Moshkelgosha
Chart pattern beta is a new feature on the indicator menu.
First let’s define what Beta version means:
Beta version is an early version of a program or application that contains most of the major features, but is not yet complete.
This is a very important key that needs users attention..!
In the above example you see two different setting for this indicator, Absolute vs Percent.
There are 3 cardinal rules that needs to be considered in Elliott wave analysis:
1: Wave 3 can NEVER be the shortest impulse wave.
2: Wave 2 can NEVER go beyond the start of Wave 1.
3: Wave 4 can NEVER cross in the same price area as Wave 1.
As you can see in percent mode the first and the most important rule is not met..!
Wave 3< 0.618 * wave 1
Wave 3< wave 5
So
This automated feature doesn’t count correctly and breaches the cardinal rule number 1.
Moreover
In the absolute mode you can see wave one is bigger than wave 3 and wave 5 , interesting, wave one is equal to wave 3+ wave 5, which can not be correct.
Usually, wave 3 or wave 5 is the longest or the most strong wave not the wave 1.
I strongly believe these problems and basic rules need to be corrected in the future versions.
Best,
Moshkelgosha