Wave Extension

Last modified 00:20, 25 Sep 2012

Wave Extension

The Wave Extension tool is a range measuring tool that allows exact measurement and comparison of the ranges of Elliott waves and other range based indicators.

Elliott Waves can be identified using the Elliott Wave Hi-Lite, then the user can measure the range of each individual wave and compare it's range with those of succeeding waves using the wave extension tool.

The Wave Extension output consists of two parts.

The first is the user defined Range Measurement Markers, the second is the Wave Extension Levels, that are calculated based on the range, and which can be dragged to different locations on the chart to visually compare ranges.

pswaveextnsn.gif

Position and Edit Range Measurement Markers

With the Elliott Wave Hi-Lites applied, the numbered waves are easily identified.

Initially the user drags the start and end markers to the beginning and end of a range.

To set the levels to the exact high and low of the range, select any of the level lines and double left-mouse click to open the dialog box. Manually enter the start/end dates and prices into the text boxes on the settings page of the Wave Extension Properties dialog box.

Your SOFTWARE will use these values to calculate the Wave Extension Levels lines.

Position Wave Extension Levels Lines

Select the Wave Extension Levels lines and drag them away from the Range Measurement Markers. The cursor will become a pointing finger when it moves over the extension level lines, hold down the left mouse button and drag all of the extension lines to a new position.

Position the levels over other Elliott Wave formations in order to compare it with the measured wave.

Position the 0% line at the beginning of the wave that is to be compared. The price value will display after 0% on the line's label.

Your SOFTWARE will calculate the position each of the remaining extension levels, and display its price value in each line's label.

Edit Wave Extension Levels Lines

The default settings for the extension lines are Fibonacci numbers.

Users can enter their own preferred values, and make a number of other changes to the appearance of the lines and text, using the Wave Extension Properties dialog box.

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