NChartProNChartProNChartPro
Chart reference · Detector Marks

Elliott Wave

Elliott Wave says a market moves in a repeating rhythm: five waves with the trend, then three against it, at every size at once. Counting those waves by hand is slow, and two people rarely agree. On the chart, the E2 chip counts them for you, draws the count on your candles, and shows the rules behind every wave.

NABIL, 1 day, with the E2 Elliott Wave panel open and three pattern kinds ticked — the live page, with each part numbered
The E2 panel
Click the E2 chip (EW V2 — zigzag engine) in the marks column on the right. Its panel opens here.
NABIL, 1 day, with the E2 Elliott Wave panel open and three pattern kinds ticked — captured from the live page. Hover a number to see what it is.
What

What this page is

Elliott Wave is a way to read price as waves. A trend moves in five waves (1-2-3-4-5): three go with the trend and two pull back. Then a correction moves in three waves (A-B-C) against it. Each wave is made of smaller waves of the same kind. The sizes are called degrees.

This app has one Elliott Wave engine with a button: E2, the zigzag engine. It turns the price into swings, tries every 3-wave and 5-wave pattern over them, throws away any that break a hard rule, and keeps the best-scoring count. Everything about it — its 25 rules, how it scores, and every option in its panel — is on the next page, Elliott Wave v2 (E2).

A second, larger engine, E1 (the grammar engine), exists in the code but is not built into this app. Its button is hidden on purpose. A button for an engine that is not there would open a panel that never shows a count. If you see E1 mentioned elsewhere, it is not something you can open here.

The count is made on the server, not in your browser. The first time you open a stock and timeframe it usually takes under a second. After that it is stored, so the next visit is instant.

Why

Why it helps you

If you trade
Days to weeks · you care about timing and the crowd.
  • A wave count is a map, not a signal. Its most useful number is the invalidation price: the level where the count is proven wrong. Use it as your stop level.
  • A count that says the price is in a falling wave is a reason to EXIT or stay out. NEPSE has no short selling, so a falling count is never a trade by itself.
  • Change Sensitivity one step up and one step down. If the big waves stay the same, the reading is stable. If they flip, the price is honestly unclear.
If you invest
Months to years · you care about quality and price paid.
  • Use the daily or weekly chart and Sensitivity 1 or 2. That keeps only the biggest waves, which is the scale a long-term holder cares about.
  • The main question it answers is simple: is this stock late in an old rise (wave 5), or early in a new one (wave 1 or 3)?
  • It says nothing about the business. It only describes how the price has moved.
When · Where

When to use it, and where to find it

  • After the close. The last swing is always "live" during the session and can still change.
  • On a stock that has made a clear, large move. On a flat, sideways stock the engine finds only small patterns or nothing useful.
  • Before buying near a level you like, to see whether a target or an invalidation price sits there.
  • The E2 chip is in the marks column on the right of the Chart page, on a computer and in the Android app.
How to

Try it — a short walkthrough

  1. 1
    Open E2
    Pick a stock and the 1 day timeframe, then click the E2 chip on the right. The panel opens. Wait for the line at the top to show the stock name and the Engine block to appear.
  2. 2
    Tick three pattern kinds
    Under Display, tick Impulse, Zigzag and Flat. Blue, amber and pink wave lines with numbers and letters appear on the candles.
  3. 3
    Choose the wave size
    Move Sensitivity. Step 1 keeps only the biggest swings; step 5 reads the smallest. Wait a moment — each change is a new count.
  4. 4
    Read the invalidation price
    Scroll down to Forecast by degree and click the first row. Its invalidation price is where this count is wrong. Read the full guide on the Elliott Wave v2 (E2) page.
In detail

The panel at a glance

NABIL, 1 day, with the E2 Elliott Wave panel open and three pattern kinds ticked. Each part with a close-up of the real screen; the numbers match the dots on the picture.

1

The E2 panel

Click the E2 chip (EW V2 — zigzag engine) in the marks column on the right. Its panel opens here.

How — Click the chip again, the cross, or press Escape to close it. Your count stays on the chart while you work in other panels.

The E2 panel — on the live page
2

What is being counted

One line: the engine, the stock and the timeframe it read, for example "Zigzag engine · NABIL · 1D".

How — Check this line first. The count is for this stock and this timeframe only.

  • Loading…: the stored count is being fetched.
  • Computing…: the server is making the count now. It retries by itself. "Retry now" asks again at once.
  • Queue is busy: many counts are being made. Press "Try again" in a minute.
  • Could not load the analysis (red): something failed. Press "Retry".
  • Sign in…: the count is made on the server, so it needs an account.
What is being counted — on the live page
3

Engine

Two controls that decide WHICH count you get: how big a swing must be, and how many levels of smaller waves to find.

How — Move Sensitivity from 3 (the default) to 2 for bigger waves, or to 4 for smaller ones. Each change asks the server for a new count.

Engine — on the live page
4

Pattern kinds

Every pattern kind starts switched OFF, so the chart is bare until you tick one.

How — Tick Impulse, Zigzag and Flat to start. The other kinds and all their colours are on the Elliott Wave v2 (E2) page.

Pattern kinds — on the live page
5

The count on your candles

Each pattern is a line through its swing points, with wave numbers at the turns.

  • 1-2-3-4-5 (blue line): an impulse, the five waves with the trend.
  • A-B-C (amber line): a zigzag, a sharp correction.
  • A-B-C (pink line): a flat, a sideways correction.
  • A dashed wave line: its last swing is still "live" and can change with the next candle.
The count on your candles — on the live page
Detail

Reading the numbers

  • Wave: one move from a swing high to a swing low, or back.
  • Impulse: five waves with the trend, 1-2-3-4-5.
  • Correction: three waves against the trend, A-B-C (zigzag or flat), or five sideways waves, A-B-C-D-E (triangle).
  • Degree: the size of a wave. The same move is a small wave at one degree and part of a bigger wave at the next.
  • Invalidation price: the price that would prove the count wrong.
  • Live: a wave whose last swing can still change as new candles come in.
  • Score: how well a pattern fits the rules, as a percent. Higher is a better fit, not a better trade.
Honest limits

What it does not do

  • Elliott Wave is an interpretation. The engine applies one exact version of the rules; another person can read the same chart differently.
  • A count changes as new candles arrive. What is wave 3 today can become part of a bigger wave next week.
  • E1, the larger grammar engine, is not built into this app. Only E2 can be opened.
  • The count needs at least 120 candles and a signed-in account, because it is made on the server.
  • A count is a reading of past prices. It is not advice to buy or sell.
FAQ

Questions people ask

Why is the chart empty after I open E2?

Every pattern kind starts switched off. Tick Impulse, Zigzag and Flat under Display.

Where is the E1 button?

There is none in this app. The E1 engine is not built in, so its button is hidden rather than left to open an empty panel.

Why does it say Computing?

The count is made on the server for each stock, timeframe and setting. It is usually ready in under a second. If the server is busy, the panel waits and retries by itself.