Is Elliot Wave calculation helpful!!!

[jasdeep.khera]

Dear friends,

I came across website that provides Elliot Wave Calculator in which we take into consideration the high, low and CMP of a script and get the Entry, SL and TGT levels.
I want to know that such calculation works in intraday or not.

All the senior members kindly help on this topic.

 

[rajputz]

i dont know here you read about elliot wave theory. it is rather calculated visually...

Eliot Wave Theory states that primary trends travel in 5 waves consisting of 3 forward moves and 2 backward moves. It also states that counter trends move in 3 waves consisting of 2 forward moves and 1 backward move. Often Elliot Waves are combined with Fibs to define how far each wave will travel or retrace.
It can get very complicated and technical from here as you start to introduce sub waves and all sorts of other factors. I like to keep it simple and use them visually only and not get bogged down in the mathematical detail. I use simple Fib extensions and retracements and combine it with simple wave theory to depict visual price projections.
Look for a trending stock, using moving averages. By using Elliot Wave Theory you can begin to estimate retracements and have price targets till the next retracement, we are gradually starting to develop a great trend following strategy.

 

[GREENCANDLE]

i dont know here you read about elliot wave theory. it is rather calculated visually...

Eliot Wave Theory states that primary trends travel in 5 waves consisting of 3 forward moves and 2 backward moves. It also states that counter trends move in 3 waves consisting of 2 forward moves and 1 backward move. Often Elliot Waves are combined with Fibs to define how far each wave will travel or retrace.
It can get very complicated and technical from here as you start to introduce sub waves and all sorts of other factors. I like to keep it simple and use them visually only and not get bogged down in the mathematical detail. I use simple Fib extensions and retracements and combine it with simple wave theory to depict visual price projections.
Look for a trending stock, using moving averages. By using Elliot Wave Theory you can begin to estimate retracements and have price targets till the next retracement, we are gradually starting to develop a great trend following strategy.

Do you please explaine with a recent intraday chart.I get confused in selecting initial point.Do u exten it from day -1 or is it necessarry to complet within current day?

 

[FanaticTrader]

Well I'm not sure if EW can be put in use for intraday...for good EW analysis, we would need to check price pattern higher time frame i.e 30 min, 60 min chart taking into account 4-5 days togther, but I'm not sure if this would still give you better view...you can hunt for EW waves on daily and weekly charts...they are far more clear and one can take better judgement based on them...